GPF full form is General Provident Fund which is a part of Provident Fund. There are three different Provident fund accounts which made available to employee and individual based on their employment type. Employee Provident Fund, Public Provident Fund and General Provident fund.
GPF full form is applicable for everyone who includes government employees and as well non-working employees who do continue to contribute in provident fund accounts until they reach the date of retirement. In GPF, the interest rate not fixed with Government regulation. It gets revised every time. At present the GPF interest rate fixed at 8% for the financial year and the same might continued next year as well.
Which is better, GPF or PPF?
GPF is a tax-free retirement cum savings scheme which has variable interest rate. Whereas Public Provident fund has fixed rate of interest and does bring option of withdrawal of entire amount with any medical or emergency reason.
What is the Benefit of the General Provident Fund?
General provident fund, a savings scheme for government employees allowed to contribute a small portion of their salary every month. On the day of retirement, the entire accumulated amount along with gained interest transferred to the employee’s general account as big savings.
What is the minimum percentage of GPF deduction?
In monthly salary, the employee has to contribute at least 6% minimum from their basic salary. The maximum dose goes up to highest percent and should not utilize full basic pay from salary.