7th Pay Commission Latest News Today: Here comes a wonderful piece of news for the Central government employees, they will get 7.1 per cent interest rate on their General Provident Fund (GPF) and other retirement schemes for July-September quarter of 2021-22. This is because the Central government last week kept the GPF interest rate unchanged for the July-September quarter. As per the notification issued by the Finance Ministry, the interest rates of GPF will remain unchanged at 7.1 per cent.
The announcement from the Centre is a huge blessing to the government employees who are undergoing hardship at this time of COVID pandemic. As per the announcement, the 7.1 per cent interest will be available on the State Railway Provident Fund account as well and it wil benefit the Railways employees. Notably, this rate of interest will remain the same for every employee.
Prior to this, the Centre had in April announced the same interest rate for the April-June quarter. It must be noted that this is the sixth straight quarter when the government didn’t change the GPF interest rate. In April 2020, the government had cut the GPF interest rate from 7.9 per cent to 7.1 per cent.
The GPF interest rate will be applicable on the following provident fund schemes:
- The General Provident Fund (Central Services)
- The Contributory Provident Fund
- The All India Services Provident Fund
- The State Railway Provident Fund
- The General Provident Fund (Defence Services)
- The Indian Ordnance Department Provident Fund
- The India Ordnance Factories Workmen’s Provident Fund
- The Indian Naval Dockyard Workmen’s Provident Fund
- The Defence Services Officers Provident Fund
- The Armed Forces Personnel Provident Fund
National Saving Certificate Interest Rate: The Ministry of Finance said the interest rate on various small savings schemes for the second quarter of the financial year 2021-22, starting from July 1, 2021, will remain as before.
Interest Rates of retirement schemes: The Finance Ministry also stated that 5.8 per cent interest will continue to be available on the five-year recurring deposit.
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