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Saturday, April 13, 2013

GPF Interest rate for 2013-14 reduced to 8.7%: Resolution and comparison with other fund/scheme.

As per MoF Resolution dated 8th April, 2013 the interest rate of General Provident Fund and similar fund has been reduced 0.10% from 8.8% to 8.7% effective from 01.04.2013.  Comparison of  the interest rate of other saving scheme with GPF:-

Scheme Rate of Interest w.e.f. 01.04.2013
GPF 8.7
EPF 8.5 ( Yet to be announced)
1 Year Time Deposit 8.2
2 Year Time Deposit 8.2
3 Year Time Deposit 8.3
5 Year Time Deposit 8.4
5 Year Recurring Deposit 8.3
5 Year SCSS 9.2
5 Year MIS 8.4
5 Year NSC 8.5
10 Year NSC 8.8
PPF 8.7
Nationalised Banks click here to see



The text of GPF resolution is also reproduced here

(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)
F.No.5(1)-B(PD)/2013
Government of India
Ministry of Finance
(Department of Economic affairs)

New Delhi, the 8th April, 2013

RESOLUTION

It is announced for general information that during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2013.

The funds concerned are :-
1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

sd/-
(Peeyush Kumar)
Director (Budget)

Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/resolution13.pdf]

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