Govt hikes GPF interest rate to 8% for Oct-Dec

New Delhi: The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the October-December quarter.

The rate is in line with that for Public Provident Fund.

The interest rate on GPF was 7.6 per cent for the July-September quarter of 2018-19.

"... during the year 2018-2019, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8 per cent with effect from October 1, 2018, to December 31, 2018," a Department of Economic Affairs' notification said.

The interest rate would apply on Provident Funds of central government employees, railways and defence forces.