Central govt employees: General Provident Fund (GPF), CPF interest rates announced for January-March 2023 quarter

The Ministry of Finance has announced the interest rate for General Provident (GPF) and other similar provident fund schemes. The ministry has retained the interest rate, i.e., it has kept rates for GPF and similar funds unchanged for the January- March of 2023.
According to a resolution released by the Department of Economic Affairs (DEA), Ministry of Finance on January 3, "It is announced for general information that during the year 2022-2023, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 per cent (Seven point one percent) w.e.f. 1st January 2023 to 31st March 2023."

The rate is effective from January 1, 2023, until March 31, 2023, according to a notice from the finance ministry.


Interest rates of GPF, other provident fund schemes
The funds that will fetch an interest rate of 7.1 per cent for the January - March quarter, 2023 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

What is a General Provident Fund?
Only government employees in India have access to a certain sort of provident fund, known as the General Provident Fund. All public servants are permitted to put a set amount of their pay into the General Provident Fund. As a result, at the time of retirement, employees receive the complete amount accrued during the course of their employment. The finance ministry revises the interest rate on GPF every quarter.

Small saving schemes’ interest rates

The Union government announced an increase in the interest rates of certain small savings schemes for the January- March quarter of 2022. The interest rate of Senior Citizen Savings Schemes has been hiked to 8 per cent. Kisan Vikas Patra will fetch an interest rate of 7.2 per cent. The interest rate on a 3-year post office time deposit has been raised to 6.9 per cent while the interest rate on 5-year post office time deposit has been increased to 7 per cent.