GPF Interest Rate Notification for Q1 2024

The Governor of West Bengal has announced that the interest rate for the General Provident Fund (GPF) and similar provident funds will be set at 7.1% per annum for the first quarter of the financial year 2024, covering the period from April 1, 2024, to June 30, 2024.

Overview

  • Interest Rate: 7.1% per annum
  • Effective Period: April 1, 2024 – June 30, 2024
  • Financial Year: 2024
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Applicability

This interest rate is applicable to the following funds during the specified period:

  • General Provident Fund (West Bengal Service)
  • Contributory Provident Fund (West Bengal)
  • Provident Funds under the West Bengal Non-Government Educational Institutions and Local Authorities (CPFE) Act, 1983
  • Other Provident Funds approved by the Government of West Bengal

Administrative Directive

The resolution regarding this interest rate is to be communicated to all Government Departments of West Bengal for necessary action.

For more information, please refer to the official notification issued by the Government of West Bengal.
Also Read: 10% Increase in Dearness Allowance for Teachers/Non-Teachers in West Bengal
Official Order: Click Here

Frequently Asked Questions

What is the GPF interest rate for the period from April 1, 2024, to June 30, 2024?

  • The GPF interest rate from the period of April to June is 7.1% per annum.

What is the validity period for the newly announced GPF interest rate?

  • The period is from April 1, 2024, to June 30, 2024.

Is the 7.1% interest rate applicable to Provident Funds that are managed under the West Bengal Non-Government Educational Institutions and Local Authorities (CPFE) Act, 1983?

  • Yes, the 7.1% interest rate is applicable to these Provident Funds.

Does the interest rate of 7.1% apply to any other Provident Fund maintained with State Account approval?

  • Yes, it applies to any other Provident Fund maintained under State Account with the approval of the Government of West Bengal.

What is the maximum and minimum subscription amount for GPF?

  • GPF Subscription must be at least 6% of the subscriber’s emoluments and not exceed the total emoluments. Emoluments include Basic Pay, Dearness Pay, Special Pay, etc., as defined in Section 5(28) of the W.B.S.R. Part-I
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