Provident Fund Interest 2015-16 fixed at 8.7%
Provident Fund Interest 2015-16 fixed at 8.7% – Govt Decision covers GPF, CPF, Railway PF, Defence PF, Ordnance Factory PF, AIS PF
As per the Press Release issued by Finance Ministry yesterday, Interest Rate General Provident Fund – GPF for the year 2015-16 applicable to Central Government Employees and Interest rates for other provident funds applicable to Railway employees and Defence personnel have been fixed at 8.7%. By this decision Govt has maintained the Provident Fund Interest Rates at the same which was paid in 2014-15
Press Release issued by Finance Ministry in this regard is given below.
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Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16
It was decided by the Government to link the interest rates of State PFs (General Provident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In pursuance of that decision, the Government has decided to fix the rates 8.7% per annum applicable to the following:-
The General Provident Fund (Central Services).
The Contributory Provident Fund (India).
The All India Service Provident Fund.
The State Railway Provident Fund.
The General Provident Fund (Defence Services).
The Indian Ordnance Provident Fund.
The Indian Ordnance Factories Workmen’s Provident Fund.
The Indian Naval Dockyard Workmen’s Provident Fund.
The Defence Services Officers Provident Fund.
The Armed Forces Personnel Provident Fund.
The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders.
Recently, the Government had kept the interest rates for PPF and other Small Savings Schemes intact. However, interest rates for 5 year Senior citizen Saving Scheme and Sukanya Samriddhi Account Scheme have been increased from 9.2 to 9.3% and 9.1 to 9.2% respectively, keeping in view the commitment of the Government towards the welfare of the girl child and the senior citizens.
Source: Press Information Bureau