In keeping with a decision issued by the Division of Financial Affairs (DEA), Ministry of Finance on 3 October, “It’s introduced for normal info that in the course of the 12 months 2022-2023, the Common Provident Fund and different comparable funds will likely be topic to vary on 1 October. From 2022 to December 31, 2022, curiosity will likely be charged on the charge of seven.1 p.c (seven decimal one p.c).
Accordingly, the rate of interest on GPF and different comparable funds for the October-December quarter, 2022 will likely be 7.1 per cent. These charges are efficient from October 1, 2022, the DEA mentioned within the proposal.
Curiosity Charges of GPF, Different Provident Fund Schemes
The funds to obtain an rate of interest of seven.1 per cent for the December quarter, 2022 are
1. Common Provident Fund (Central Companies);
2. Contributory Provident Fund (India)
3. All India Companies Provident Fund
4. State Railway Provident Fund
5. Common Provident Fund (Defence Companies)
6. Indian Ordnance Division Provident Fund
7. Indian Ordnance Manufacturing facility Employees Provident Fund
8. Indian Naval Dockyard Employees’ Provident Fund
9. Protection Companies Officers Provident Fund
10. Armed Forces Personnel Future
Was the PPF rate of interest hiked for the October-December 2022 quarter?
What’s Common Provident Fund?
Common Provident Fund is a kind of provident fund obtainable solely to authorities staff in India. All authorities staff are allowed to contribute a sure proportion of their wage to the Common Provident Fund. Due to this fact, the overall quantity gathered in the course of the employment interval is paid to the workers on the time of retirement. The Finance Ministry revises the rate of interest on GPF each quarter.
The rate of interest of Workers’ Provident Fund (EPF) has been mounted at 8.1 p.c for 2021-22.
EPF curiosity: Why curiosity deposited in EPF account is just not displaying, clarifies Finance Ministry
Curiosity Charges of Small Financial savings Schemes for the December-October Quarter
The central authorities introduced a rise within the rates of interest of some small financial savings schemes for the October-December quarter of 2022. The rate of interest on Senior Citizen Financial savings Schemes has been elevated to 7.6 p.c. The Kisan Vikas Patra will fetch an rate of interest of seven per cent for the December quarter of 2022. The rate of interest on 3-year submit workplace mounted deposits has been elevated to five.8 p.c, whereas the rate of interest on 2-year submit workplace time deposits has been elevated to five.7 p.c. The rates of interest of different small financial savings schemes like PPF and Sukanya Samriddhi Yojana have been saved unchanged for the October-December quarter, 2022.