The interest rates for General Provident Fund (GPF) and other similar funds have been announced in the October to December quarter of this year. The budget division of the Department Affairs under the Ministry of Finance has issued a notification related to this. According to this notification, these funds will get 7.1 percent interest in the October to December quarter. At the beginning of every quarter of the financial year, the government revises the interest rates of small savings schemes and announces rates on GPF and other schemes.
Interest rates stable on PPF-NSC
Interest rates on post office small savings schemes such as Public Provident Fund (PPF), NSC etc. are stable. This time on investment in these schemes, you will get compound interest at the rate of 7.1 per cent per annum in the October to December quarter.
The following funds will have an interest credit of 7.1 per cent quarter on quarter from October.
1. General Provident Fund (Central Services)
2. Contributor Provident Fund (India)
3. All India Services Provident Fund
4. State Railway Provident Fund
5. General Provident Fund (Defense Services)
6. Indian Ordnance Department Provident Fund
7. Indian Ordnance Factories Workmen’s Provident Fund
8. Indian Naval Dockyard Workman’s Provident Fund
9. Defense Services Officers Provident Fund
10. Armed Forces Personal Personal Provident Fund
GPF and CPF contribution to their account
According to the information provided on the website of the Ministry of Personnel, Public Grievances and Pensions, the General Provident Fund (Central Services) Rules 1960 applies to all temporary government employees who have worked continuously for more than a year. In addition, it applies to re-employed pensioners (other than those eligible to contribute to the Contributory Provident Fund) and all permanent government employees.
The Contributory Provident Fund Rules (India), 1962 applies to all non-pensionable government employees who are in any service under the President’s control. Under this, clearance has also been approved from the CPF for specific purposes. Apart from the GPF rules, deposit linked insurance revised scheme is also available in CPF.
Constant complaint was received regarding GPF account
The Department of Pension and Pensioners Welfare in the Ministry is constantly receiving complaints from retired government employees. Their complaint is that their GPF settlement is delayed and there are many mistakes in it. They have complained that their GPF account has not been credited many times.
The most complained of credit in GPF is by such personnel who were transferred from one department to another during service or were appointed to work in foreign department. Apart from this, some officers of All India Service, who were deputed outside their cadre to another cadre, also made such complaint.
Department issues memorandum to remove deficiencies
The department in its investigation found that the GPF accounts are maintained by an office separate from the salary bill making office and their GPF subscription deducting institution. In view of this, the department believes that coordination between these two should be made to prevent any disturbance in GPF accounts. The department had also issued an office memorandum earlier this year.
Under this, in order to ensure transparency, the office maintaining the GPF account at the beginning of every financial year will notify the GPF subscription deducting office at the beginning of every financial year. Apart from this, one year and two years before retirement, all the credits, debits and interest of the employee will be given to the subscriber. The employee will complain of any disturbance in it within 60 days.