INSUBCONTINENT EXCLUSIVE:
Interest rates on these provident fund accounts are revised by government from time to time.There are three major provident fund accounts
available in the country namely Employees' Provident Fund or EPF, General Provident Fund or GPF and Public Provident Fund or PPF account
EPF is a compulsory retirement saving option that is deducted from the salary of salaried individuals
GPF is a provident fund account which is available only for government employees
While, PPF account is a financial instrument, offered by bank and post offices, which offers income tax benefits
Interest rates on these provident fund accounts are revised by government from time to time.Here are key things to know about EPF and GPF
account:EPF AccountCompanies employing more than 20 people have to compulsorily make contributions towards the EPF
Both the employee and the employer make equal contributions towards EPF
Last month, Employees' Provident Fund Organisation increased the interest rate on EPF to 8.65 per cent for the current financial year.EPF
account can be closed while quitting job permanently
It can also be transferred while changing companies till retirement
Partial withdrawal from EPF accounts is allowed for purchase/construction of house, repayment of loan, non-receipt of wage for two months,
marriage of self/daughter/son/brother, for medical treatment of family members etc.GPF AccountA government employee becomes a member of GPF
by contributing a certain percentage of his/her salary to the account
eligible for admission to the contributory provident fund) and all permanent government servants are eligible to subscribe to GPF
GPF earns an interest rate of 8 per cent.A subscriber can subscribe monthly to GPF except during the period when he/she is under suspension
