J-K admin announces GPF interest at 7.1%

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Jammu and Kashmir administration has announced the new interest rate on General Provident Fund (GPF) at 7.1 percent, which is the lowest rate so far.

The order number 94-F, which stated the revised interest rate on the GPF for the last two quarters was issued yesterday by Financial Commissioner Arun Kumar Mehta.

“Pursuant upon the government notification No. 5 (2)-B (PD)/2020 dated 06-01-2021 issued by the Department of Economic Affairs, Ministry of Finance, Govt. of India, it is hereby ordered that the accumulations at the credit of subscribers to the General Provident Fund shall carry interest as 7.1 percent,” the order reads.

It said the revised rates are applicable for “the third quarter (01-10-2020 to 31-12-2020) and fourth quarter (01-01-2021 to 31-03-2021) of the financial year 2020-21”.

The interest rate for the previous two quarters of the year 2020-2021 – 1-4-2020 to 30-6-2020 and for 1-07-2020 to 30-9-2020 – was also 7.1 percent. The interest on the GPF for the fourth quarter of the year 2019-2020 – 1 January to 31 March– was 7.9 percent.

The interest rate of 7.1 percent on GPF is the lowest ever.

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