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Saturday, April 13, 2013

GPF Interest rate for 2013-14 reduced to 8.7%: Resolution and comparison with other fund/scheme.

As per MoF Resolution dated 8th April, 2013 the interest rate of General Provident Fund and similar fund has been reduced 0.10% from 8.8% to 8.7% effective from 01.04.2013.  Comparison of  the interest rate of other saving scheme with GPF:-

Scheme Rate of Interest w.e.f. 01.04.2013
GPF 8.7
EPF 8.5 ( Yet to be announced)
1 Year Time Deposit 8.2
2 Year Time Deposit 8.2
3 Year Time Deposit 8.3
5 Year Time Deposit 8.4
5 Year Recurring Deposit 8.3
5 Year SCSS 9.2
5 Year MIS 8.4
5 Year NSC 8.5
10 Year NSC 8.8
PPF 8.7
Nationalised Banks click here to see



The text of GPF resolution is also reproduced here

(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)
F.No.5(1)-B(PD)/2013
Government of India
Ministry of Finance
(Department of Economic affairs)

New Delhi, the 8th April, 2013

RESOLUTION

It is announced for general information that during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2013.

The funds concerned are :-
1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

sd/-
(Peeyush Kumar)
Director (Budget)

Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/resolution13.pdf]

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SEVENTH PAY COMMISSION REPORT

7th CPC Report

Full Report || Allowances  || Pay Structure (Civil)  || Pay Structure (Military)  || Pension (Civil)  || Pension (Defence)  || Advances  || Leave  || NPS
1. Foreword View
2. The Macroeconomic Situation
2.1 General Economic Situation and Financial Resources of the Central Government
2.2 Financial Resources of the State Governments
3. Analysis of Central Government Personnel View
4. Approach to Pay
4.1 Principles of Pay Determination View
4.2 Determination of Minimum Pay View
5. Revised Pay Structure
5.1 Pay Structure (Civilian Employees) View
5.2 Pay Structure (Defence Forces Personnel) View
6. Pay Related Issues of Defence Forces Personnel
6.1 Background and Approach to Pay Related Issues of Defence Personnel
6.2 Cadres of Defence Forces Personnel
7. Pay Scales for Specific Services, Categories & Cadres
7.1 Headquarters Organisations in Government of India and Office Staff in Field Offices View
7.2 All India Services
7.3 Central Services Group A
7.4 Engineering Services
7.5 Scientific Services
7.6 Medical and Paramedical Services
7.7 Common Categories
8. Allowances View
8.1 List of Allowances (Summary) View
8.2 Overview of Allowances View
8.3 Allowances Payable for Additional/ Extra Duty View
8.4 Allowances related to Knowledge Updates View
8.5 Allowances related to Deputation View
8.6 Allowances related to Working on Holidays View
8.7 Allowances related to Housing View
8.8 Allowances related to Good Service View
8.9 Qualification Allowances View
8.10 Allowances related to Risk and Hardship View
8.11 Allowances for Running Staff of Indian Railways View
8.12 Allowances related to Sports View
8.13 Sumptuary Allowances View
8.14 Allowances related to Training View
8.15 Allowances related to Travel View
8.16 Allowances related to Uniform View
8.17 Other Allowances View
9. Other Facilities
9.1 Advances View
9.2 Holidays and Leave View
9.3 CGEGIS View
9.4 GPF View
9.5 Medical Facilities for Serving Employees and Pensioners View
9.6 Persons with Disabilities View
10. Pension and Related Benefits
10.1 Pension and Related Benefits of Civilian Employees View
10.2 Pension and Related Benefits of Defence Forces Personnel View
10.3 National Pension System (NPS) View
11. Issues Specific to Ministries and Departments
12. Officers and Employees of the Supreme Court of India
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15. Bonus Schemes and Performance Related Pay View
16. Financial Implications View
17. Executive Summary View
18. Meetings held by the Commission
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