The Department of Economic Affairs under the Ministry of Finance made an official announcement in this regard and said that GPF and other Special Deposit Scheme interest rate of 7.1 percent will be applicable for April to June quarter of the current financial year.
The funds division of the above-mentioned division issued an Office Memorandum on this regard and stated, “During the year 2021-2022, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 percent with effect from 1st April, 2021 to 30th June, 2021. This rate will be in force effective from 1st April 2021.”
The Ministry of Finance OM went on so as to add that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, introduced within the Ministry of Finance (Department of Economic Affairs) shall with impact from 1st April, 2021 to thirtieth June, 2021 bear interest at 7.1 percent. This rate might be in drive effective 1st April, 2021.
The Ministry of Personnel, Public Grievances and Pensions has mentioned on its website that the General Provident Fund (Central Services) Rules 1960 applies to all temporary government employees after a continuous service of one year, all re-employed pensioners (other than those eligible for admission to the Contributory Provident Fund ) and all permanent government employees.
GDP Forecast: India's GDP may grow at 11 pc in FY22: Asian Dev Bank
Household Economy: Lockdowns push household savings to 22.5 pc of GDP: Reports
Record Broken of 59 years, bank debt growth reached minimum level