Finance Ministry declares 7.1 pc interest rate for Central govt staff PF schemes

NEW DELHI — The Finance Ministry has announced a 7.1 per cent interest rate for the Central government employees’ General Provident Fund (GPF) and other similar provident fund schemes for the July-September quarter.

The Finance Ministry in a circular dated July 3, said: “It is announced for general information that during the year 2024-2025, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 per cent with effect from 1st July 2024 to 30th September 2024. This rate will be in force w.e.f. 1st July, 2024.”

The schemes that will fetch interest rates of 7.1 per cent for the July-September quarter are the General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, The State Railway Provident Fund, The General Provident Fund (Defence Services) and The Indian Ordnance Department Provident Fund.

The Centre has left the interest rates of small savings schemes unchanged for the July-September quarter with Senior Citizen Savings Scheme (SCSS)  at 8.2 per cent while the interest rate of the National Savings Certificate (NSC) will be at 7.7 per cent.