Yearwise Rate of PF Interest

Discussion in 'Provident Fund' started by Shyamalkc, Aug 8, 2013.

  1. mihiracharya

    mihiracharya Staff Member

    FOR 2015-16 8.7% also
     

    Attached Files:

  2. gpgarain

    gpgarain Following You. Staff Member

    The Central Govt. has reduced the rate of interest on GPF to 8.1% for the first quarter of 2016-17
     

    Attached Files:

  3. Please send the GPF rate of interest fy.2016-2017 in W.B. Govt. employee.
     
  4. md rizwan

    md rizwan Novice

    sir,i am a primary tchr. my gpf is below 600 p.m but i hv askd them to deduct 1000 p.m
    wil the intrest b calculatd on the extra amount or nt? pls reply
     
  5. gpgarain

    gpgarain Following You. Staff Member

    Yes, the interest will be calculated on your full subscription, i.e., on Rs.1000.
     
  6. md rizwan

    md rizwan Novice

  7. nazia

    nazia Member

    sir
    can you please tell me what is the contribution of govt in my gpf?
    if i will pay 5000 instead of 1000 as gpf
    then what will be the benefit?
     
  8. R.Banerjee

    R.Banerjee Member

    @nazia...West Bengal Govt doesn't have any contribution in General Provident Fund except the interest portion..though in many Employees Provident Funds including the Contributory Provident Fund (CPF) equal amount of subscription has been contributed by the Employer(Govt etc) itself but in such cases there is ceiling with regards to the subscription amount. As for example subscription towards CPF should be 8.33% of the Basic Pay of the employee and an equal amount is also contributed by the GOVT itself. But there is a trick as employees under CPF are not eligible for PENSION as per DCRB Regulation. Interest is calculated on the basis of the interest allowed in a particular Financial Year and interest do changes. Please refer to earlier comments and attachments by the admins for having a better understanding over this issue. Hope that this reply shall serve the purpose.
     
  9. nazia

    nazia Member

    thank u vry mch sir
    pls tell me what will be my benefit if i increase my gpf amount from 2000 to 5000
    1. will i get interest on 5000?
    2.will i be able to save my tax?
     
  10. R.Banerjee

    R.Banerjee Member

    1. Yes. Interest will be calculated on the basis of the contribution made in this regard. The higher the contribution the higher the interest amount.
    2. You may avail tax exemption benefit up to maximum 150000 U/s 80C of the IT Act on the basis of the total contribution made towards GPF.
     
    Last edited: Aug 4, 2016
  11. nazia

    nazia Member

    thank u vry mch sir
    pls rectify 1500000 to 150000
    i knw u hv made this mistake unintentionally
    but it may misguide anyone
     
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  12. R.Banerjee

    R.Banerjee Member

    Yes...Right you are....1.5 lacs ...thanks for rectifying the mistake....mistake is always a mistake be it intentional or unintentional...again a thanks to u...:)
     
  13. nazia

    nazia Member

    welcome