Punjab increases interest rate on GPF and CPF to 8.8 %

by Punjabnewswire4u (Balbir)  
CHANDIGARH, JUNE 12

 The Punjab Government has fixed the rate of interest on General Provident fund (GPF) and Contributory Provident Fund of government employees of the state to 8.8 per cent for the year 2012-13.

Finance and Planning Minister, Mr. Parminder Singh Dhindsa today said that all the Departmental Heads, Commissioners of Divisions, Deputy Commissioners, Sub Divisional Officer (Civil) and Registrar, Punjab and Haryana High Court have been asked to do the needful in this regard. He said that this rate of Interest will also be applicable on all other such funds, in which government employees had deposited money. Mr. Dhindsa said that the new rate of interest would be applicable from April 1, 2012.

He said that the rate of interest from April 1, 2011 to November 30, 2011 was 8 per cent, whereas rate of interest was fixed at 8.6 per cent for the period of December 2011 to March 31, 2012, which has now been increased to 8.8 per cent.