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General Provident Fund Interest Rate Lowered for 2013-14
13 April 2013
Interest rate on General Provident Fund has been reduced to 8.7% for the year 2013-14. Along with it the interest rate on 9 other funds has been brought to 8.7% for this financial year.
Accordingly effective from 1st April 2013 the General Provident Fund (Central Services), the Contributory Provident Fund, the All India Services Provident Fund, the State Railway Provident Fund, the General Provident Fund (Defence Services), the Indian Ordnance Department Provident Fund, the 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 will carry an interest rate of 8.7%.
The General Provident Fund and the rest of the above funds were initiated by the government to encourage savings among government employees.