INSUBCONTINENT EXCLUSIVE:
Interest rates on these provident fund accounts are revised by the government from time to time.There are three major provident fund
accounts -- namely Employees' Provident Fund or EPF, General Provident Fund or GPF and Public Provident Fund or PPF -- available in the
EPF is a compulsory retirement saving instrument that is deducted from the salary of individuals
GPF is a provident fund account which is available only for government employees
While, PPF account is a savings scheme, offered by both banks and post offices, which also offers income tax benefits
Interest rates on these provident fund accounts are revised by the government from time to time.Employees' Provident FundCompanies 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, the Ministry of Finance approved 8.65 per cent rate of interest on EPF for 2018-19.EPF account can be closed while quitting job
It can also be transferred while changing companies till retirement
Partial withdrawal is allowed in case of EPF account under certain circumstances such as purchase/construction of house, repayment of loan,
marriage of self/daughter/son/brother or 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
Currently, the rate of interest on GPF is 8 per cent.A subscriber can subscribe monthly to GPF except during the period when he/she is under
Subscriptions to the general provident fund are stopped three months prior to the date of superannuation
On retirement of a subscriber, instructions are issued for immediate payment of the final balance on retirement.Get the latest election
news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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Election results will be out on May 23.
