Rate of interest for General Provident Fund deposits year wise
sir,i am a primary tchr. my gpf is below 600 p.m but i hv askd them to deduct 1000 p.m
wil the intrest b calculatd on the extra amount or nt? pls reply
@nazia…West Bengal Govt doesn’t have any contribution in General Provident Fund except the interest portion..though in many Employees Provident Funds including the Contributory Provident Fund (CPF) equal amount of subscription has been contributed by the Employer(Govt etc) itself but in such cases there is ceiling with regards to the subscription amount. As for example subscription towards CPF should be 8.33% of the Basic Pay of the employee and an equal amount is also contributed by the GOVT itself. But there is a trick as employees under CPF are not eligible for PENSION as per DCRB Regulation. Interest is calculated on the basis of the interest allowed in a particular Financial Year and interest do changes. Please refer to earlier comments and attachments by the admins for having a better understanding over this issue. Hope that this reply shall serve the purpose.
thank u vry mch sir
pls tell me what will be my benefit if i increase my gpf amount from 2000 to 5000
1. will i get interest on 5000?
2.will i be able to save my tax?
1. Yes. Interest will be calculated on the basis of the contribution made in this regard. The higher the contribution the higher the interest amount.
2. You may avail tax exemption benefit up to maximum 150000 U/s 80C of the IT Act on the basis of the total contribution made towards GPF.
