Government employee has a big update. The government has implemented new interest rates for GPF (Government Futures Fund). The new interest rates issued by the government will be applicable from July to September. Once again the government has not made any changes in the interest rates of the GPF. The government maintained a 7.1% interest rate for the second quarter of the financial year 2021-22. GPF’s new rates are similar to those of PPF.
The sixth consecutive quarter saw no reduction in GPF interest rates. The last time GPF interest rates were slashed was in April 2020. When it was reduced from 7.9% to 7.1%. After that it will continue uninterrupted.
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This interest rate applies to all these projects –
1- General Provident Fund (Central Service)
2- Contribution Futures Fund
3- All India Service Futures Fund
4- State Railway Futures Fund
5- General Futures Fund (Defense Service)
6- Indian Ordnance Department Futures Fund
7- Indian Ordnance Factories Workers’ Future Fund
8- Indian Naval Dock Yard Workers’ Future Fund
9- Defense Service Officers Future Fund
10- Armed Forces Personal Futures Fund
What is a GPF?
GPF (Government Futures Fund) is directly related to Government Employees Provident Fund. It only works on the PF side. The Employee Futures Fund applies to companies employing more than 20 employees. In the case of EPF up to Rs 2.5 lakh, the tax exemption is only Rs 1.5 lakh.
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