The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4% points to.....for the October-December quarter.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4% points to____for the October-December quarter.

A	7.50%
B	8.0%
C	8.40%
D	8.80%

Explanation:

Detailed explanation-1: -The GPF or General Provident Fund is a savings scheme available to government employees who joined service before 2004. The interest rate on the GPF is set every quarter and stood at 7.1% for Q4, 2022-23 (January-March 2023). A subscriber can withdraw the GPF amount on leaving government service or on retirement.

Detailed explanation-2: -The government has kept the interest rate unchanged at 7.1 percent for the subscribers of the General Provident Fund (GPF) and other similar funds. In the previous quarter ended December 31, the GPF interest was similar at 7.1 percent. The rate is valid from January 1, 2023, to March 31, 2023.

Detailed explanation-3: -The interest rate for GPF and other similar provident funds was 7.1% for the July-September 2022 quarter as well.

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