Go22 GPF, ZPPF Interest Rate 7.1% July to Mar-2024

• G.O.Rt.No.116, Finance (HR.III -Pension, GPF) Department, Dt.02/06/2023
• Resolution F.No. 5(3)-B(PD)/2023, Government of India, Finance, Department of Economic Affairs (Budget Division), 2023.
• Resolution F.No. 5(3)-B(PD)/2023, Government of India, Finance, Department of Economic Affairs Ministry  (Budget Division Dt: 4th October, 2023. of Dt:4th July,
• Resolution F.No. 5(3)-B(PD)/2023, Government of India, Ministry of Finance, Department of Economic Affairs (Budget Division), Dt:2nd January, 2024. 

  According to Rule 13(1) of General Provident Fund (AP) Rules 1935, AP Government shall pay to the credit of the account of a subscriber interest at such rate as may be determined for each year according to the method of calculation prescribed from time to time by the Government of India for payment of interest on subscription to the General provident Fund in respect of Central Services.

  2. In the G.O.1st read above, the State Government have adopted the interest rate of 7.1% per annum with effect from 01.04.2023 to 30.06.2023 on the following Provident Funds and other similar funds maintained by the Government of Andhra Pradesh on par with rates of Government of India.

  1. The General Provident Fund (Andhra Pradesh) Rules1935
  2. The Electricity Department Provident Fund Rules.
  3.  Emergency Cut and Compulsory Saving Rules, 1949.
  4. Government Distilleries Employees Provident Fund
  5. Andhra Pradesh Government Life Insurance Fund.
  6. Andhra Pradesh Employees Welfare Fund Rules

Provident Fund Interest Rate 7.1%

In the references 2nd, 3rd & 4th read above, the Government of India announced that, during the year 2023-24, 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 July, 2023 to 30th September, 2023, 1st October 2023 to 31st December 2023 and 1st January 2024 to 31st March 2024. This rate will be in force w.e.f. 1st July, 2023.

• Government after careful examination of the matter hereby order to adopt the rate of interest at 7.1% (Seven point One percent) per annum for the period from 1st July, 2023 to 30th September, 2023, 1st October 2023 to 31st December 2023 and 1st January 2024 to 31st March 2024 during the F.Y.2023- 24 on the following Provident Funds and other similar funds maintained by the Government of Andhra Pradesh on par with rates of Government of India. This rate will be in force w.e.f 1st July, 2023.

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