After leaving interest rate unchanged for central government-backed small saving schemes like PPF, Sukanya Samriddhi Yojana, Post Office Savings, etc., the Narendra Modi Government has now decided to keep the General Provident Fund (GPF) and other non-government PF, Gratuity funds interest rate unchanged at 7.1 per cent. 1st April, 2021 to 30th June, 2021. There are 10 funds for which this interest rate announcement will apply and those funds are General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defence Services), Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen’s Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defence Services Officers Provident Fund and Armed Forces Personnel Provident Fund. It will be the fifth consecutive quarter when the GPF interest rate will be 7.1 per cent. In April 2020, the central government had slashed GPF interest rate from 7.9 per cent to 7.1 per cent.

Source: Mint April 28, 2021 04:24 UTC