The Ministry of Finance has decided to increase the rate of interest on GPF Account balance of Central Government employees and 9 other similar Provident funds from 8.6 % to 8.8 % for the financial year beginning with 01.04.2012. Though increase is marginal, still it will be beneficial to all the employees.
Full Text of Resolution F.No.5(1)-B(PD)/2012 dated 22.05.2012 is reproduced below :
Government of India
Ministry of Finance
(Department of Economic affairs)
New Delhi, the 22nd May, 2012
It is announced for general information that during the year 2012-2013, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.8% (Eight point eight per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2012.
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 Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.
Deputy Secretary (Budget