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29 October 2019

GPF INTEREST RATE DATE 1/10/2019 TO 31/12/2019 LATEST GR

GPF INTEREST RATE DATE 1/10/2019 TO 31/12/2019 LATEST GR
GPF: General Provident Fund::GPF stands for General Provident Fund. It is a provident fund account available for the government employees. In this fund, the government employees contribute a certain percentage of their salary to the account. The accumulated amount is paid to the employee at the time of superannuation or retirement.

Eligibility
The government employee should be a resident of India. This account is compulsory for a certain salary class of government employees. The employees of private companies are not eligible for this account.

How GPF Works
It works as a saving tool for the government employees. In this account, the employee is supposed to contribute a certain part of his or her salary on regular basis for a specified period of time. The amount accumulated in the GPF account of the employee is given to the employee at the time of retirement or superannuation.

The GPF account holder also has to nominate a nominee for his or her account. The nominee will receive all the benefits or amount if anything happens to the account holder.

The account also has a feature which is known as GPF advance. It is a kind of interest-free loan from the GPF savings. It means, the employee can borrow money from his GPF savings which he is supposed to pay back in regular installments. He does not have to pay interest on the amount borrowed from his account.
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