The Ministry of Finance, Department of Economic Affairs, Budget Division of the Government of India, has recently released a resolution announcing the interest rate for the General Provident Fund (GPF) and other similar funds for the second quarter of the fiscal year 2023-24. This article provides an overview of the government’s announcement, highlighting the revised interest rate and the funds covered.
The resolution states that the government has notified an interest rate of 7.1% for deposits made under non-government Provident Funds (PF), superannuation, and gratuity. This revised interest rate will be effective from October 1, 2023, to December 31, 2023. The announcement applies to a range of funds, including the General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, and others.
RELEVANT RESOLUTION/ NOTIFICATION IS AS FOLLOWS: –
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 4th October, 2023
F. No. 5(3)-B(PD)/2023.–It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st October, 2023 to 31st December, 2023 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st October, 2023.
ASHISH VACHHANI, Addl. Secy.
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 4th July, 2023
F. No. 5(3)-B(PD)/2023.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st July, 2023 to 30th September, 2023 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st July, 2023.
ASHISH VACHHANI, Addl. Secy.
Rate of Interest on General Provident Fund (GPF) and other similar funds for Q2 of FY 2023-24
(TO BE PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F. NO. 5(3)-B(PD)/2023
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
New Delhi, the 04 July, 2023
RESOLUTION
It is announced for general information that during the year 2023-2024, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st July, 2023 to 30th September, 2023. This rate will be in force w.e.f. 1st July, 2023. The funds concerned are:
1. The General Provident Fund (Central Services).
2.The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.
(Ashish Vachhani)
Additional Secretary to the Govt. of India
To,
The Manager, (Technical Branch)
Government of India Press, Minto Road, Delhi.
F. No.5(3)-B(PD)/2023
Copy forwarded to all Ministries/Departments of Government of India, President’s Secretariat, Vice-President’s Secretariat, Prime Minister’s Office, Lok Sabha Secretariat, Rajya Sabha Secretariat, Cabinet Secretariat, Union Public Service Commission, Supreme Court, Election Commission and NITI Aayog.
Copy also forwarded to :-
1. Comptroller & Auditor General of India and all offices under his control.
2. Chairman, Pension Fund Regulatory and Development Authority.
3. Controller General of Accounts (10 copies).
4. Ministry of Personnel Public Grievances and Pension (Pension Unit/All India Services Division).
5. Financial Adviser of Ministries/Departments (6 copies).
6. Chief Controller of Accounts/Controller of Accounts of Ministries/Departments.
7. Controller General of Defence Accounts.
8. Finance Secretary of all State Governments and Union Territories.
9. Secretary to Governors/Lt. Governors of all States/Union Territories.
10. Secretary Staff Side, National Council of JCM.
11. All Members, Staff Side, National Council of JCM.
12. NIC – For uploading on webhost.
Deputy Director (Budget)
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 10th April, 2023
F. No. 5(3)-B(PD)/2023.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st April, 2023 to 30th June, 2023 bear interest at 7.1% (Seven point one percent). This rate will be in force w.e.f. 1st April, 2023.
ASHISH VACHHANI, Addl. Secy.
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 14th July, 2022
F.No. 5 (4)-B(PD)/2021.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st July, 2022 to 30th September, 2022 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st July, 2022.
ASHISH VACHHANI, Jt. Secy
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Government of India
Ministry of Finance
Department of Economic Affairs
New Delhi, the 3rd January, 2022
NOTIFICATION
F. No. 5(4)-B(PD)/2021—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st January, 2022 to 31st March, 2022 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st January, 2022.
(Ashish Vachhani)
Joint Secretary to the Govt. of India
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Govt notifies 7.1% interest rate on Deposit made under non-government PF, superannuation and gratuity with effect from 1st October, 2021 to 31st December, 2021.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 5th October, 2021
No. 5(4)-B(PD)/2021.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F. 16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st October, 2021 to 31st December, 2021 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st October, 2021.
ASHISH VACHHANI, Jt. Secy.
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 6th January, 2021
F.No. 5(2)-B(PD)/2020.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st January, 2021 to 31st March, 2021 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st January, 2021.
RAJAT KUMAR MISHRA, Addl. Secy
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7.1% Interest on Deposit under non-government PF, superannuation & gratuity with effect from 1st October, 2020 to 31st December, 2020
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th October, 2020
F.No. 5(2)-B(PD)/2020.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st October, 2020 to 31st December, 2020 bear interest at 7.1% (seven point one percent). This rate will be in force w.e.f. 1st October, 2020.
RAJAT KUMAR MISHRA, Jt. Secy.
