The Finance Ministry has hiked interest rates on General Provident Fund(GPF) to 8.8 percent a year with effect from April 2012. This move will benefit millions of Central Government employees who are subscribers to this fund.
This interest rate of 8.8 percent will apply for 2012-2013 and is higher than the 8.6 percent rate for the December 2011-March 2012 period and also the 8 percent rate for April-November 2011 period.
The revised rate of 8.8 percent will also be applicable for accumulations in the GPF of Defense services, the Armed Forces Personnel Provident Fund, the Defense Services Officers Provident Fund, The Indian Ordnance Department Provident Fund, The Indian Ordnance Factories Workmen's provident fund and the Indian Dockyard Workmen's Provident Fund.
The benefit of increased interest rate will also be available to the subscribers of Contributory Provident Fund(India), the All India Services Provident Fund and the State Railway Provident Fund.
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