GPF Interest 8% from 1.1.2019 to 31.3.2019

GPF Interest 8% from 1.1.2019 to 31.3.2019
GPF and similar funds Interest Rate - 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO. 5(1)-B(PD)/2018
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 03 January, 2019

RESOLUTION

It is announced for general information that during the year 2018 -2019, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019.

This rate will be in force w.e.f.1st January, 2019. 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/-
(Akhilesh Kumar Mishra)
Director (Budget)

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GPF Interest Rate from Jan 2018 to Mar 2018 - Department of Economic Affairs (DEA) Orders

GPF Interest Rate from Jan 2018 to Mar 2018 - Department of Economic Affairs (DEA) Orders

General Provident Fund (GPF) Interest Rate from January 2018 to March 2018

Resolution – accumulations at the credit of subscribers to the GPF and other similar funds - 2017, w.e.f. 1st January, 2018 to 31st March, 2018

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)

F.NO. 5(1)-B(PD)/2017
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 1st January, 2018

RESOLUTION

It is announced for general information that during the year 2017-2018, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.6% (Seven point six per cent) w.e.f. 1st January, 2018 to 31st March, 2018. This rate will be in force w.e.f.1st January, 2018 . 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/-
(Anjana Vashishtha)
Deputy Secretary (Budget)

Source: www.dea.gov.in

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GPF Resolution 2015-16 – Finmin published today

GPF Resolution 2015-16 – Finmin published today

This for general information that during the year 2015-16, accumlations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% per annum.

The resolution appears as image below for your information…

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PF(Provident Fund) Interest Rate 8.75%

Provident Fund Interest Rate 8.75% for 2014-15

EPFO retains interest rate at 8.75% for current fiscal

NEW DELHI: Retirement fund body EPFO’s trustees on Tuesday decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 per cent.

“It has been decided to pay 8.75 per cent interest in the current fiscal,” Central Provident Fund Commissioner (CPFC) K K Jalan told PTI after the meeting of the Central Board of Trustees (CBT), the apex decision making body of the Employees’ Provident Fund Organization (EPFO).

The EPFO has about 5 crore subscribers and the decision will have a bearing on their retirement fund.The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT, sources said.

The final notification for payment of the interest rate for the current fiscal will be issued by the finance ministry later.

The EPFO had provided 8.75 per cent rate of interest on PF deposits for 2013-14, which was higher than 8.5 per cent paid for the previous fiscal.

Source: Times of India

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How to calculate interest on General Provident Fund

How to calculate interest on GPF

General Provident Fund : Needless to say that one of the easiest and good return saving scheme for Central Government Employees who have been appointed on or before 31.12.2003. They can save not less than 6% from the total emoluments. As per the GPF Rules, subscriptions may be increased twice and/or reduced once at any time during the year. Interest rates are announced by the Central Government from time to time, it has now been reduced from 8.8% to 8.7% for the current year.

GPF calculation Illustration –1 :-

Monthly subscription Rs.5,000
Rate of Interest 8.8%

Month	Subscription	Refund	Withdrawal	Progressive Balance	Interest for Year
Apr-12	5,000	-	-	5,000	-
May-12	5,000	-	-	10,000	-
Jun-12	5,000	-	-	15,000	-
Jul-12	5,000	-	-	20,000	-
Aug-12	5,000	-	-	25,000	-
Sep-12	5,000	-	-	30,000	-
Oct-12	5,000	-	-	35,000	-
Nov-12	5,000	-	-	40,000	-
Dec-12	5,000	-	-	45,000	-
Jan-13	5,000	-	-	50,000	-
Feb-13	5,000	-	-	55,000	-
Mar-13	5,000	-	-	60,000	-
	60,000	-	-	3,90,000	2860

Calculation of interest = 390000 / 12 x 8.8 / 100 = 2860
Closing balance as on 31.3.2013 will be = 60,000 + 2,860 = 62,860

GPF calculation Illustration –2

Closing balance Rs.1,80,000
Monthly subscription Rs.10,000
Rate of Interest 8.8%
Taken as final withdrawn Rs.1,80,000 during November, 2012 

Month	Subscription	Refund	Withdrawal	Progressive Balance	Interest for Year
Apr-12	10,000	-	-	1,90,000	-
May-12	10,000	-	-	2,00,000	-
Jun-12	10,000	-	-	2,10,000	-
Jul-12	10,000	-	-	2,20,000	-
Aug-12	10,000	-	-	2,30,000	-
Sep-12	10,000	-	-	2,40,000	-
Oct-12	10,000	-	-	2,50,000	-
Nov-12	10,000	-	1,80,000	80,000	-
Dec-12	10,000	-	-	90,000	-
Jan-13	10,000	-	-	1,00,000	-
Feb-13	10,000	-	-	1,10,000	-
Mar-13	10,000	-	-	1,20,000	-
	1,20,000	-	1,80,000	20,40,000	14,960

Calculation of interest = 2040000 / 12 x 8.8 / 100 = 14960
Closing balance as on 31.3.2013 will be = 1,20,000 + 14,960 = 1,34,960

 Source : www.ekanews.blogspot.in
[http://ekanews.blogspot.in/2013/04/how-to-calculate-interest-on-gpf.html]

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