7th PAY COMMISSION NEWS - CENTRAL GOVERNMENT EMPLOYEES NEWS

General Provident Fund Interest Rate during the year 2014-15 - Finmin Orders PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA) F.NO. 5(1)-B(PD)/2014 Government of India Ministry of Finance (Department of Economic Affairs) New Delhi, the 4th March, 2014 RESOLUTION It is announced for general information that during the year 2014-2015, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rate will be in force during the financial year beginning on 1.4.2014. The funds concerned are:—

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-1...

Interest rate on General Provident Fund (GPF) 8.7% from 1.4.2013 Interest rate on General Provident Fund (GPF) is lowered from 8.8% to 8.7%. As per the Finance Ministry resolution published today, Central Government employees will get less interest from the General Provident Fund (GPF), the new rate of interest will be 8.7% for the current financial year of 2013-14. The order said that ‘during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2013’. 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 Ordnanc...

Arising some important questions in our mind frequently, but there is no source to get the answers, perhaps we forget. The GPF is our main subject of our blog, so we try to expose still more information coming days. Now, the questions and answers about the GPF is given below… General Provident Fund Q. What is the procedure to increase or decrease General Public Fund (GPF) Subscription? Ans. GPF subscription can be increased or decreased by submitting request for the same. Q. Can I get Temporary advance from G.P.Fund for children"s higher education? Ans. Yes Temporary advance and Final Withdrawal both can be availed for Children"s higher education on production of necessary documents . Q. Who will make payment on account of final withdrawal from GPF during the last two years of service prior to retirement? Ans: Only Fund Cell of PCDA(R&D) will make payment in such cases . Q. When the employee can withdraw money from GPF without assigning any reason and the percentage...

Rate of Interest for General Provident Fund 2012-13 Enhancement of interest rates on GPF from 8.6% to 8.8% Ministry of Finance has announced for general information that the GPF interest rates has been revised from 1.4.2012. The fund accumulaitons at the credit of subscribers to the General Provident Fund shall carry interest at the rate of 8.8% (Eight point eight per cent) per annum. The rate will be in force during the financial year begining on 1st April, 2012. The rate of interest on General Provident Fund was 8% from the period of April to November 2011 and once again revised the rates from 8% to 8.6% for the period of December to March 2012. Even the nationalised banks are demanding interest on fixed deposits (upto 3 years) is now 9% only.