In what comes as good news for crores of account holders, the government on Tuesday released the new interest rates of the General Provident Fund (GPF) for the September quarter. There has been no change in the interest rates for this quarter and the government may soon send the amount of interest to the accounts of crores of account holders of the country. 

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This quarter also, General PF account holders will get the benefit of interest at the rate of 7.1 per cent.

It may be noted that these provident funds also get the same profit as PPF and PF. Significantly, this is the sixth consecutive quarter when the government has not changed the interest rates of GPF. Even before this, in the June quarter also, the government had decided to pay 7.1 per cent interest on GPF. In April 2020, the central government reduced the interest rate of GPF from 7.9 per cent to 7.1 per cent.

The 7.1% interest rate will be applicable on these schemes.

1. General Provident Fund (Central Services)2. Contributory Provident Fund3. All India Services Provident Fund4. State Railway Provident Fund5. India Naval Dockyard Workman Provident Fund6. Defense Services Officers Provident Fund7. The Armed Forces Personnel Provident Fund8. General Provident Fund (Defense Services)9. Indian Ordnance Department Provident Fund10. India Ordnance Factories Workman Provident Fund

What is GPF?

GPF is a type of provident fund account but it is only for specific types of employees. The benefit of GPF is available only to government employees and that too at the time of retirement. To take advantage of this, government employees have to put some money from their salary in the GPF account. Also, it is mandatory for some government employees to contribute to GPF.