Team Adda247 and BankersAdda are here with a Current Affairs Special Series for SBI and IBPS interview 2021. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is Interest rates on GPF and other non-government PF.
Interest rates on GPF and other non-government PF
The government has not changed interest rates on GPF and other non-government PF interests and left them at 7.1 percent. According to the Department of Economic Affairs, the interest rates on GPF and other special Deposit Scheme at 7.1 percent will be applicable for April to June quarter of the current financial year.
GPF – General Provident Fund: It is a type of PPF account that is available only to government employees. Government employees are allowed to contribute some amount of their salary to the General Provident Fund which will be returned with interest at the time of retirement generally.
The Government is now decided to maintain the existing situation on General Provident Fund (GPF) and other non-government PF, gratuity funds interest rate at 7.1 percent. The interest rates on the deposits under the Special Deposit Scheme for Non-Government Provident, Superannuation, and Gratuity Funds will also be remaining the same at 7.1 percent with effect from April 1, 2021.
The earlier decision was in line with this decision of the government to keep interest rate unchanged on small savings schemes such as Public Provident Fund (PPF), NSC, etc. for the current quarter of the current financial year.