The government has retained the interest rate for General Provident Fund (GPF), Contributory Provident Fund and other related schemes at.....per cent for the first quarter of the current financial year.

BANKING GENERAL KNOWLEDGE

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

The government has retained the interest rate for General Provident Fund (GPF), Contributory Provident Fund and other related schemes at____per cent for the first quarter of the current financial year.

A	8.00%
B	8.50%
C	7.50%
D	9.00%

Explanation:

Detailed explanation-1: -The government has kept the rate of interest on savings made under the General Provident Fund (GPF) unchanged at 7.1 percent, CNBC TV-18 reported on January 3. The rate will remain applicable for at least the quarterly period ending on March 31, 2023.

Detailed explanation-2: -Employees’ Provident Fund (EPF) interest rate has been set at 8.1 per cent for 2021-22.

Detailed explanation-3: -It is announced for general information that during the year 2022-2023, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall Carry ‘interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st January, 2023 to 31st March, 2023.

Detailed explanation-4: -The interest calculation on the EPF of the employee is explained by the given example. The employee provident fund interest rate for 2022-2023 is 8.10%.the interest applicable per month When calculating interest, is = 8.10%/12 = 0.00675%.

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