General Provident Fund: Centre keeps GPF interest rate unchanged at 7.1% for Oct-Dec 2024

The Ministry of Finance has officially declared the interest rate for the General Provident Fund (GPF) and comparable provident fund schemes for the time period spanning from October to December 2024. During this quarter, the interest rate for GPF will remain constant at 7.1%, maintaining consistency with the preceding quarter's rate. This interest rate is applicable to the cumulative deposits made by participants enrolled in these financial schemes. The government has kept the interest rate on GPF and linked funds constant for this quarter of 2024.

"It is announced general information that during the year 2024-2025, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f . 1 October, 2024 to 31th December, 2024. This rate will be in force w.e.f . 1 October, 2024," the notification released by the Department of Economic Affairs (DEA), Ministry of Finance on October 3, 2024, stated.

General Provident Funds are exclusive retirement funds available to government employees. All government personnel have the option to allocate a portion of their earnings towards the General Provident Fund. Upon retirement, employees are entitled to receive the total amount saved during their tenure of service. The Finance Minister conducts reviews of the GPF interest rate on a quarterly basis.

Withdrawal from the General Provident Fund (GPF) is permitted after ten years of service or with ten years remaining until superannuation, applicable for continuous government service. In the case of resignation, immediate withdrawal of the GPF balance is allowed regardless of the length of service.

The funds concerned are:
1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (lndia).
3. The All lndia Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The lndian Ordnance Department Provident Fund'
7. The lndian Ordnance Factories Workmen's Provident Fund.
8. The lndian Naval Dockyard Workmen's Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

GPF Interest Rate Year-wise List
Financial Year    GPF Interest Rate
2021 - 2022    7.10%
2022 - 2023    7.10%
2023-2024    7.10%
2024-2025    7.10%