GPF and CPF Profit Rate 2019-20: 12.00% Per Annum
Finance Division fixed the General Provident Fund and Contributory Provident Fund profit rate for FY 2019-20 at 12.00% per annum under its resolution dated 24 August 2020.
Overview
Finance Division fixed the General Provident Fund and Contributory Provident Fund profit rate for FY 2019-20 at 12.00% per annum under its resolution dated 24 August 2020.
Key Highlights
- Financial year: 2019-20 (1 July 2019 to 30 June 2020).
- GPF and CPF rate of profit: 12.00% per annum.
- Resolution reference: F.2(1)-Reg.7/2014-410 dated 24 August 2020.
- The preceding FY 2018-19 rate was 14.35% per annum.
- Separate instructions for funds under the Ministry of Railways and Ministry of Defence were to be issued by those Ministries.
Detailed Explanation
Finance Division Resolution No. F.2(1)-Reg.7/2014-410 dated 24 August 2020 fixed the rate of profit on deposits and balances in the General Provident Fund and similar funds for the financial year beginning 1 July 2019 at 12.00% per annum. The resolution identifies the General Provident Fund and Contributory Provident Fund as the funds concerned.
Key GPF and CPF Profit Rate Details
- Financial year: 2019-20 (1 July 2019 to 30 June 2020).
- GPF and CPF rate of profit: 12.00% per annum.
- Resolution reference: F.2(1)-Reg.7/2014-410 dated 24 August 2020.
- The preceding FY 2018-19 rate was 14.35% per annum.
- Separate instructions for funds under the Ministry of Railways and Ministry of Defence were to be issued by those Ministries.
Funds Covered and Separate Departmental Instructions
The Finance Division resolution identifies the General Provident Fund and Contributory Provident Fund. It also states that instructions for provident funds under the Ministry of Railways and Ministry of Defence are to be issued separately by those Ministries.
Frequently Asked Questions
What was the GPF profit rate for FY 2019-20?
12.00% per annum.
Does the resolution cover CPF too?
Yes. It specifically names the General Provident Fund and Contributory Provident Fund.
What was the previous year’s rate?
14.35% per annum for FY 2018-19.
Does the rate apply automatically to Railways and Defence funds?
No. The resolution states that separate instructions for funds controlled by those Ministries would be issued separately.