GPF-AP: Interest Rates @ 7.1% Per Annum w.e.f. 01.07.2022 To 30.09.2022 – G.O. Released

GPF-AP: Interest Rates @ 7.1% Per Annum w.e.f. 01.07.2022 To 30.09.2022 – G.O. Released

Provident Fund - Interest rates on General Provident Fund (Andhra Pradesh) for the subscribers of GPF and other similar funds at the rate of 7.1% (Seven point One percent) per annum with effect from 01.07.2022 to 30.09.2022 for the F.Y. 2022-2023-Orders - Issued.

FINANCE (HR-III- Pension, GPF) DEPARTMENT

G.O.Rt. No. 247, Dated: 20/09/2022

Read the following:

1. G.O.Rt.No.167, Finance (HR.III - Pension, GPF) Department, Dt.30.06.2022.

2. Resolution F.No. 5(4)-B(PD)/2021, Government of India, Ministry of Finance, Department of Economic Affairs (Budget Division), Dt:14th July, 2022.

ORDER:

According to Rule 13(1) of General Provident Fund (Andhra Pradesh) Rules 1935, Government shall pay to the credit of the account of a subscriber interest at such rate as may be determined for each year according to the method of calculation prescribed from time to time by the Government of India for payment of interest on subscription to the General provident Fund in respect of Central Services.

2. In the G.0.1" read above, the State Government have adopted the interest rate of 7.1% per annum with effect from 01.04.2022 to 30.06.2022 on the following Provident Funds and other similar funds maintained by the Government of Andhra Pradesh on par with rates of Government of India.

a. The General Provident Fund (Andhra Pradesh) Rules 1935

b. The Electricity Department Provident Fund Rules.

c. Emergency Cut and Compulsory Saving Rules, 1949.

d. Government Distilleries Employees Provident Fund

e. Andhra Pradesh Government Life Insurance Fund.

f. Andhra Pradesh Employees Welfare Fund Rules.

3. In the reference 2nd read above, the Government of India announced the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st July, 2022 to 30th September, 2022. This rate will be in force w.e.f 1st July, 2022.

4. Government after careful examination of the matter hereby order to adopt the rate of interest at 7.1% (Seven point One percent) per annum for the period from 1st July, 2022 to 30th September, 2022 during the F.Y.2022-23 on the following Provident Funds and other similar funds maintained by the Government of Andhra Pradesh on par with rates of Government of India. This rate will be in force w.e.f 1st July, 2022.