Govt hikes General Provident Fund interest rate by 40 bps to 8% for Oct-Dec quarter

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

|Oct 16, 2018, 15:52:27 IST

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 percent for the October-December quarter.[caption id="attachment_4495585" align="alignleft" width="380"]

Representational image. Reuters.[/caption]The rate is in line with that for Public Provident Fund.The interest rate on GPF was 7.6 percent 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 percent with effect from 1 October, 2018, to 31 December, 2018," a Department of Economic Affairs' notification said.The interest rate would apply on Provident Funds of central government employees, railways and defence forces.Last month, the government announced that the interest on small savings, including NSC and PPF, will be hiked by up to 0.4 percentage point for the October-December quarter, to align it with rising deposit rates in the banks.

EU slaps Google with $1 billion antitrust fine over Play Store and Search practices

European Commission says Google unfairly favoured its own services on Search and the Play Store, violating the Digital Markets Act; the company calls the decision harmful to businesses and consumers.

1 min read

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Experts say a prolonged rally above $100 per barrel is unlikely, but sustained high oil prices could push up inflation, widen the current account deficit and pressure the rupee.

2 min read

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?

Record domestic market share boosts operating performance, but forex losses, rising oil prices and geopolitical disruptions could weigh on IndiGo's bottom line.

3 min read

China has dominated Myanmar’s rare earth mines — now India eyes deal to harness country’s critical minerals

India is deepening rare earth cooperation with Myanmar as New Delhi seeks alternative sources of critical minerals dominated by China, including dysprosium and terbium used in EVs, defence systems and clean energy technologies

6 min read

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.