The government has retained the interest rate on General Provident Fund (GPF) savings at 7.1% for the October to December 2022 quarter, making it the 11th successive quarter of status quo in rates paid out on government employees' retirement savings.
The Finance Ministry notified the 7.1% GPF rate, which also applies to other provident funds for government employees, including those serving in the Railways and the Armed Forces, this Monday.
Last week, minor hikes of 0.1 to 0.3 percentage points were announced on a few small savings schemes such as the Senior Citizens’ Savings Scheme for the current quarter, but the return on the popular Public Provident Fund was left untouched at 7.1%. The GPF rate was last tweaked in the first quarter of 2020-21, when it was slashed from 7.9% to 7.1%.
