The central authorities has introduced rate of interest for Normal Provident Fund (GPF) and different comparable sorts of funds for October to December 2021 quarter. The GPF and different comparable fund subscribers, who’re central authorities staff, will proceed to get 7.1 per cent return in Q3FY22, as central authorities has left GPF rate of interest unchanged at 7.1 per cent for the third quarter of FY 2021-22. The central authorities had left GPF rate of interest unchanged in earlier quarter as properly. The Finances Division of the Division of Financial Affairs at Ministry of Finance right this moment issued notification on this regard.
The Finances Division notification stated, “It’s introduced for basic info that through the 12 months 2021-22, accumulation on the credit score of subscribers of Normal Provident Fund and different comparable funds shall carry rate of interest of seven.1% (seven level one p.c) w.e.f. 1st October 2021.”
Earlier, the central authorities had left rate of interest of Public Provident Fund (PPF), NSC (Nationwide Saving Certificates), Sukanya Samriddhi Yojana (SSY) and different small saving schemes for October to December 2021 unchanged. The PPF rate of interest for present quarter is 7.1 per cent, which is compounded yearly.
The 7.1 per cent rate of interest for October to December 2021 quarter, efficient from 1st October 2021, will apply to all the next funds:
1] The Normal Provident Fund (Central Companies);
2] The Contributory Provident Fund (India);
3] The All India Companies Provident Fund;
4] The State Railway Provident Fund;
5] The Normal Provident Fund (Defence Companies);
6] The Indian Ordnance Division Provident Fund;
7] The Indian Ordnance Factories Workmen’s Provident Fund;
8] The Indian Naval Dockyard Workmen’s Provident Fund;
9] The Defence Companies Officers Provident Fund; and
10] The Armed Forces Personnel Provident Fund.
In accordance with the official web site of The Ministry of Personnel, Public Grievances and Pensions, the Normal Provident Fund (Central Companies) Guidelines 1960 applies to all non permanent authorities staff after a steady service of 1 12 months, all re-employed pensioners (apart from these eligible for admission to the Contributory Provident Fund) and all everlasting authorities staff.
Contributory, Provident Fund Guidelines (India), 1962 is relevant to each non-pensioner authorities servant belonging to any of the companies beneath the management of the President. The Guidelines present for the withdrawal of advances or withdrawals from the CPF for particular functions. As in GPF Guidelines, the CPF Guidelines additionally present for Deposit Linked Insurance coverage Revised Scheme.
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