According to a recent notification issued by Department of Economic Affairs, “During the year 2018-2019, accumulation at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest rate of 8% with effect from October 1, 2018 to December 31, 2018”.
The GPF account is available only for Govt. employees and this is not available to private sector employees. The new interest rate would be applicable to the central govt. employees, railways employees and defence forces.
Recently, Government of India has also raised the interest rate on small savings such as NSC and PPF by upto 0.4 % for the October – December quarter.