GPF and CPF Profit Rate 2023-24: 13.97% Per Annum
The General Provident Fund and Contributory Provident Fund profit rate for FY 2023-24 was fixed at 13.97% per annum, also confirmed in the State Provident Fund mark-up letter.
Overview
The General Provident Fund and Contributory Provident Fund profit rate for FY 2023-24 was fixed at 13.97% per annum, also confirmed in the State Provident Fund mark-up letter.
Key Highlights
- Financial year: 2023-24 (1 July 2023 to 30 June 2024).
- State Provident Fund/GPF mark-up rate: 13.97%.
- GPF and CPF profit rate under the 1 October 2024 resolution: 13.97% per annum.
- The preceding rates listed in the State Provident Fund letter were 12.40% for FY 2021-22 and 14.22% for FY 2022-23.
- Separate instructions for Railway and Defence provident funds were to be issued by the respective Ministries.
Detailed Explanation
The GPF Profit Rate 2023-24 was fixed at 13.97% per annum in Finance Division’s communications dated 29 August 2024 and 1 October 2024. The State Provident Fund letter addressed GPF mark-up, while the subsequent resolution stated the rate for GPF and CPF subscriptions and balances.
GPF Profit Rate 2023-24: Key Details
- Financial year: 2023-24 (1 July 2023 to 30 June 2024).
- State Provident Fund/GPF mark-up rate: 13.97%.
- GPF and CPF profit rate under the 1 October 2024 resolution: 13.97% per annum.
- The preceding rates listed in the State Provident Fund letter were 12.40% for FY 2021-22 and 14.22% for FY 2022-23.
- Separate instructions for Railway and Defence provident funds were to be issued by the respective Ministries.
Which Provident Funds Are Covered?
The cited notification identifies the State Provident Fund (General Provident Fund). Where the separate Finance Division Resolution is cited, it expressly names the General Provident Fund and Contributory Provident Fund. The source documents state that any separate rate instructions for Ministry of Railways and Ministry of Defence funds would be issued by those Ministries.
Frequently Asked Questions
What was the GPF profit rate for FY 2023-24?
13.97% per annum.
Which document first communicated the State Provident Fund rate?
Finance Division Budget Wing letter No. F.8(1)GS-I/2018-495 dated 29 August 2024.
Did the GPF and CPF resolution use the same rate?
Yes. The 1 October 2024 resolution fixed 13.97% per annum for the GPF and CPF.
Does this rate apply to Railways and Defence funds?
The resolution says separate instructions for funds under the control of the Railways and Defence Ministries would be issued separately.
Related EmployeesDesk Resources
GPF and CPF Profit Rate 2024-25 and State Provident Fund mark-up for FY 2025-26
Official Finance Division Notifications
This article records the FY 2023-24 rate. The subsequently notified FY 2024-25 rate was 12.46% per annum.