Central govt retains interest rate for GPF at 8.7 percent for current fiscal for its employees

New Delhi: The Central government has retained the rate of interest for General Provident Fund (GPF) and other related schemes at 8.7 per centfor the current fiscal.

Finance Minister Arun Jaitley
Finance Minister Arun Jaitley

The 8.7 per cent interest will apply on Provident Funds of central government employees, railways and defence forces, according to the notification No.6/01/2011-NS.II dated March 31, issued by the Finance Ministry.

The rate of interest will be effective from April 1, 2015, it added.

The interest rate for GPF is in line with the interest rate fixed for Public Provident Fund (PPF) at 8.7 per cent for 2015-16.

The government had, however, raised the interest rates for other small saving schemes.

The interest rate for senior citizens savings scheme was hiked from 9.2 per cent to 9.3 per cent and for Sukanya Samriddhi Account, the special deposit scheme for girl child, the interest rate has been hiked from 9.1 per cent to 9.2 per cent, respectively.

The interest earning for Kisan Vikas Patra has been retained at 8.7 per cent.