Slashed from 12% in 1999-2000 to 7.6% in 2018
JAMMU, JAN 29: The Finance Department has revised the rate of interest on the General Provident Fund (GPF) of the state government employees.
“Pursuant to the notification No: 5(1)-B (PD0/2017 dated 01-01-2018 issued by the Department of Economic Affairs, Ministry of Finance, Government of India, it is hereby ordered that the accumulations at the credit of subscribers to General Provident Fund and other similar funds shall carry interest at rate of 7.6% for 4th quarter of the financial year i.e. 1st January 2018 to 31st March 2018,” said an order issued by the Principal Secretary Finance, Navin Kumar Choudhary.
Pertinently, the GPF interest rate has been almost halved during the past 17 years as the same was 12% in 1999-2000.