Table of Contents
What is the interest rate of GPF 2020-21?
7.1\%
The Budget Division notification said, “It is announced for general information that during the year 2021-22, accumulation at the credit of subscribers of General Provident Fund and other similar funds shall carry interest rate of 7.1\% (seven point one percent) w.e.f. 1st October 2021.”
What is GPF interest rate?
7.1 per cent per annum
GPF will continue paying the interest rate of 7.1 per cent per annum from October to December 2021, according to a circular issued on the Department of Economic Affairs (DEA) website. GPF is a provident fund scheme available to government employees.
How much GPF can be withdrawn for higher education?
The maximum limit of advances from the GPF is three months’ salary of half the amount in the GPF account, whichever is less. Advances from the fund will be allowed on the following grounds: Treatment for illness and travel expenses of the government servant’s family during the illness. Higher education outside in India.
How is provident fund interest calculated?
Employer’s contribution towards EPF = Employee’s contribution – employer’s contribution towards Employee Pension Scheme = ₹1,101. Total EPF contribution per month = ₹3,600 + ₹1,101 = ₹4,701. PF interest rate for the financial year 2020-21 is 8.5\% and so the PF interest rate applicable monthly = 8.5\% / 12 = 0.7083\%
How do you calculate the annual interest rate?
To calculate APR, you can follow these 5 simple steps:
- Add total interest paid over the duration of the loan to any additional fees.
- Divide by the amount of the loan.
- Divide by the total number of days in the loan term.
- Multiply by 365 to find annual rate.
- Multiply by 100 to convert annual rate into a percentage.
What is GPF for central government employees?
GPF, short for General Provident Fund, is a type of PPF (Public Provident Fund) account that is available only for government employees in India. With a GPF account, all the government employees can contribute a certain percentage of their salary to the General Provident Fund.
What is the GPF interest rate for 2019 20?
7.9\%
GPF Interest Rate
| Sl. No. | Year | Rate of Interest |
|---|---|---|
| 26 | 01.04.2019 to 30.06.2019 | 8.0\% |
| 27 | 01.07.2019 to 30.09.2019 | 7.9\% |
| 28 | 01.10.2019 to 31.12.2019 | 7.9\% |
| 29 | 01.01.2020 to 31.03.2020 | 7.9\% |
What is the current rate of interest of GPF?
However, the current rate of interest of GPF is 7.1\% (as of last updated on 30th April 2021). Once an individual subscriber applies for the General Provident Fund, they need to contribute money unless there is a case of suspension.
What is the minimum contribution to the GPF?
The minimum contribution to the GPF is 6\% of the government servant’s pay. This is set by the Central Government. It was fixed at 7.1\% for Q1 (April-June) FY 2021-22. If the government servant borrows any amount from the fund, he/she will pay an interest rate of 2.5\% above the interest rate of the GPF
What is General Provident Fund (GPF)?
As mentioned earlier, General Provident Fund (GPF) is a type of savings instrument for government employees. An employee can contribute a part of his/her savings regularly till the time he/she is employed. On retirement, the employer will credit the total accumulated amount in the GPF account to the employee.
Is GPF and EPF compulsory for employees?
However, a subscription of GPF and EPF is compulsory for the eligible employee. All the three provident funds provide tax deduction under Section 80C of the Income Tax Act, 1961. Furthermore, the interest earned on all three provident funds is tax-free.