The government has cut the rate on the general provident fund by 10 basis points (bps) to 7.9% with effect from 1st July 1.
"During the year 2019-2020, accumulations at the credit of subscribers to the GPF and other similar funds shall carry interest at the rate of 7.9 per cent with effect from July 1, 2019 to 30th September 2019. This rate will be in force with effect from July 1, 2019," a statement from the finance ministry said.
The General Provident Fund (Central Services), includes the Contributory Provident Fund (India), the All India Services Provident Fund, the State Railway Provident Fund, the General Provident Fund (Defence Services), and the Indian Ordnance Department Provident Fund. Also, included are Indian Ordnance Factories Workmen's Provident Fund, the Indian Naval Dockyard Workmen's Provident Fund, the Defence Services Officers Provident Fund, and the Armed Forces Personnel Provident Fund.