General Provident Fund interest rate: The Centre has kept the interest rates for the General Provident Fund (GPF) and similar funds unchanged for the July-September quarter, 2024. In a notification, the Ministry of Finance said: "It is announced for general information that during the year 2024-2025, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven points one percent) w.e.f. 1st July, 2024 to 30th September, 2024. This rate will be in force w.e.f. 1st July, 2024."

The GPF interest rate is applicable to other similar provident funds. The interest rate for these funds will also remain the same. These funds are:

General Provident Fund (Central Services)

Contributory Provident Fund (India)

All India Services Provident Fund

State Railway Provident Fund

General Provident Fund (Defence Services)

Indian Ordnance Department Provident Fund

Indian Ordnance Factories Workmen’s Provident Fund

Indian Naval Dockyard Workmen’s Provident Fund

Defense Services Officers Provident Fund

Armed Forces Personnel Provident Fund

The General Provident Fund (GPF) is a compulsory retirement savings scheme designed for government employees in India, established in 1960. Employees are required to contribute a portion of their monthly salary to the fund, with these contributions accruing interest at a fixed rate. Upon retirement or termination from government service, employees receive the total amount saved along with accumulated interest. Alternatively, partial withdrawals are permitted after completing 15 years of service or within 10 years before retirement. The primary objective of the GPF is to ensure financial stability for government employees post-retirement.

GPF rates over the years

Financial Year    GPF Interest Rate

2007 - 2008        8%

2008 - 2009        8%

2009 - 2010        8%

2010 - 2011        8%

2011 - 2012          8% till November 2011

Nov 2011 to Mar 2012 8.6%

2012 - 2013       8.80%

2013 - 2014       8.70%

2014 - 2015       8.70%

2015 - 2016       8.70%

2016 - 2017       8.1% till September 2016

Sept 2016 to March 2017: 8%

2017 - 2018

> 7.9% from April 2017 to June 2017

> 7.8% from July 2017 to September 2017

> 7.8% from September 2017 to December 2017

> 7.6% from January 2018 to March 2018

2018 - 2019

> 7.6% from April 2018 to September 2018

> 8% from October 2018 to March 2019

2019 - 2020

> 8% from April 2019 to June 2019

> 7.9% from July 2019 to March 2020

2020 - 2021     7.10%

2021 - 2022     7.10%

2022 - 2023     7.10%

2023-2024       7.10% (Q1 and Q2 FY25)

Who all are eligible for General Provident Fund

As per the website of The Ministry of Personnel, Public Grievances and Pensions, the following are eligible-

> All temporary government employees after a continuous service of one year
> All re-employed pensioners (other than those eligible for admission to the Contributory Provident Fund)
> All permanent government employees