General Provident Fund Interest rate: According to Ashish Vachhani, Joint Secretary in the Government of India, during the year 2022-2023, the interest rate on the total deposits of the GPF-General Provident Fund and other funds’ consumers from April 1, 2022 to June 30, 2022 is 7.1. % will be.
General Provident Fund Interest rate: There is good news for central employees. After increasing dearness allowance, now his General Provident Fund has also increased. The GPF interest rates for the quarter April to June 2022 have been released. The government has given relief on GPF amidst rising inflation and decreasing interest. The interest rate for the April-June quarter has been retained at 7.1 per cent. Meaning, interest of 7.1 percent will continue to be available on the deposit in your account. General Provident Fund is a provident fund fund for central employees. In this, there is no contribution of the government or employer like EPF. In this, the employees contribute from their salary.
Information provided by the government
According to Ashish Vachhani, Joint Secretary in the Government of India, during the year 2022-2023, the interest rate on the total deposits of the consumers of GPF-General Provident Fund and other funds will be 7.1% from April 1, 2022 to June 30, 2022. This rate is applicable from April 1, 2022. It will be reviewed again in July. The new interest rate for the next quarter will be decided only after review. The interest rate in GPF is revised as per the government rules. General Provident Fund is for all government employees. It comes under the Department of Pension and Pensioners Welfare.
Who is eligible for GPF?
According to the GPF (Central Services) Rules 1960, all temporary government employees after one year of continuous service, all re-employed pensioners (other than those eligible for admission to the Provident Fund) and all permanent government employees are eligible for membership of this fund. Huh.
GPF will come under tax net
Interest earned on contribution of more than Rs 5 lakh in GPF account will be taxable. CBDT has implemented new income tax rules from 1st April 2022. In this, the limit in Employee Provident Fund and GPF account has been capped. Interest on deposits of more than Rs 2.5 lakh in a business year in EPF account will be taxed. At the same time, this limit has been kept in the GPF account for above Rs 5 lakh. Keep in mind, the contribution above Rs 5 lakh will be taxed only on the interest earned.
