What is General Provident Fund, its interest rate and who can subscribe?

New Delhi: There are three types of Provident Fund --General Provident Fund (GPF), Public Provident Fund (PPF) and Employees Provident Fund (EPF).

General Provident Fund are meant for all government servants and comes under Department Of Pension & Pensioners' Welfare.

Who is eligible for General Provident Fund

As per the GPF (Central Services) Rules 1960 all temporary government servants after a continuous service of one year all re-employed pensioners (other than those eligible for admission to the Contributory Provident Fund ) and all permanent government servants are eligible to subscribe to the Fund.

Validity of subscribing to GPF

A subscriber shall subscribe monthly to the Fund except during the period when he is under suspension.

When does subscription end

Subscription to Provident Fund are stopped three months prior to the date of superannuation. Rates of subscription shall not be less than 6 percent of subscriber’s emoluments and not more than his total emoluments

What is the rate of interest on GPF

All government employees who have subscribed to the GPF will get 7.1 per cent rate of interest form the period between 1 April 2020 and 30 June 2020 in the financial year 2020-21 (April-March).

This is applicable for accumulations at the credit of all subscribers to the General Provident Fund and other similar funds.