Govt revises interest rate on GP Funds in J&K

Greater Kashmir

Government today revised rate of interest on General Provident Funds in Jammu and Kashmir.

The Financial Commissioner, Finance Department, Dr Arun Kumar Mehta has issued an order in pursuant to the notification number 5 (2)-B (PD)/2019 of January 15, 2020, read with notification number 5 (2) – B (PD) 2020 of April 7, 2020 and notification number 5 (2) – B (PD)/ 2020 of July 13, 2020 issued by the Department of Economic Affairs, Ministry of Finance, Government of India, the accumulations at the credit of subscribers to General Provident Funds will carry interests.

For fourth quarter of the year 2019-2020 (January 1, 2020 to March 31, 2020), this interests rate will be 7.9 percent, for first quarter of the year 2020-2021 (April 1, 2020 to June 30, 2020), the interest rate will be 7.1 percent and for second quarter of the year 2020-2021 (July 1, 2020 to September 30, 2020), the interest rate will remain 7.1 percent.