Govt retains interest rate for GPF at 8.7% for current fiscal

The government has retained the rate of interest for General Provident Fund and other related schemes at 8.7 per cent for the current fiscal.

The 8.7 per cent interest will apply on Provident Funds of central government employees, railways and defence forces, according to the notification issued by the Finance Ministry.

The rate of interest will be effective from April 1, 2015, it added.

The interest rate for GPF is in line with the interest rate fixed for Public Provident Fund at 8.7 per cent for 2015-16.

The government had, however, raised the interest rates for other small saving schemes.

The interest rate for senior citizens savings scheme was hiked from 9.2 per cent to 9.3 per cent and for Sukanya Samriddhi Account, the special deposit scheme for girl child, the interest rate has been hiked from 9.1 per cent to 9.2 per cent, respectively.

The interest earning for Kisan Vikas Patra has been retained at 8.7 per cent.

Illustration: Uttam Ghosh/Rediff.com