Govt hikes GPF interest rate to 8% for Oct-Dec quarter

The union government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the October-December quarter of current financial year.

The interest rate on GPF was 7.6 per cent for the July-September quarter. According to a notification issued by the Department of Economic Affairs, the interest with effect from October 1, 2018, to December 31, 2018.

The interest rate would apply on Provident Funds of central government employees, railways and defence forces. Last month, the government announced that the interest on small savings, including NSC and PPF, will be hiked by up to 0.4 percentage point for the October-December quarter.

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