The central government has also decided not to change the interest rates on the General Provident Fund. The Department of Economic Affairs of the Ministry of Finance has given information about this by releasing an official statement.
Only last month, the central government decided not to make any changes in the interest rate available on small savings schemes like PPF, Sukanya Samriddhi Yojana, Post Office Savings. Now the Modi government has decided not to change the interest on gratuity funds, general provident fund and many other non-government funds. Currently, the interest rates on them are 7.1 percent. The Department of Economic Affairs of the Ministry of Finance has made an official announcement for this for April-June 2021. On these schemes, these rates of 7.1 percent will be applicable from April 1, 2021.
In the office memorandum issued by the Budget Division of the Department of Economic Affairs, it said, “Subscribers of similar funds, including the General Provident Fund, will get an interest rate of 7.1% on the credit credited during the financial year 2021-22. These rates will be applicable from 01 April 2021 to 30 June 2021.
It also stated that the interest rates on special deposit schemes like Kinon-Government Provident, Superannuation and Gratuity Funds would be 7.1 percent only. These rates are also being implemented from 1 April 2021, which will be applicable till 30 June 2021.
Interest rates will be applicable on these 10 fads
Let us tell you that there are 10 such funds, on which this interest rate will be applicable. These funds are General Provident Fund for Central Services, Contributory Provident Fund, All India Provident Fund, State Railway Provident Fund, General Provident Fund for Defense Services, Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen Provident Fund, Indian Naval Dockyard Workmen Provident. The fund includes Defense Services Officers Provident Fund and Armed Forces Person Provident Fund.
Interest rates have not changed for the fifth time in a row
It is to be noted that this is the fifth time in a row that the interest rate for the General Provident Fund has been set at 7.1 per cent. In April 2021, the central government reduced the interest rate on the General Provident Fund to 7.1 per cent from 7.9 per cent.
There is also no change in the interest rates of small savings schemes.
Earlier, on the Small Savings Scheme, the government had announced to reduce the interest rates for the month of April-July. However, the very next day, Finance Minister Nirmala Sitharaman overturned these decisions and decided not to change the interest rates. The Finance Minister himself announced this with his official Twitter handle. After this, the interest rates on Small Savings Schemes remain the same as in the January-March quarter.
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