PPF interest rate of 7.1% per annum with effect from 1st April 2020

PPF interest rate of 7.1 % per annum with effect from 1st April 2020

NOTIFICATION

New Delhi, the 5th May, 2020

G.S.R. 290(E).-In exercise of the powers conferred by section 3A of the Government Savings Promotion Act,1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the Public Provident Fund Scheme, 2019, namely:-

(1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2020.

(2) They shall be deemed to have come into force on the 1st day of April, 2020.

In the Public Provident Fund Scheme, 2019, in paragraph 7, for sub-paragraph (1), the following sub-paragraphs shall be substituted, namely:-

“(1) The deposits made in the account between 12th December, 2019 to 31st March, 2020 (both days inclusive) and the balances at the credit of the account shall bear interest at the rate of 7.9 per cent. per annum. Lowest balance at the credit of an account between the close of the fifth day and the end of the month shall be eligible for interest.

(1A) The deposits made in the account on or after the 1st day of April, 2020 and the balances at the credit of the account shall bear interest at the rate of 7.1 per cent. per annum. Lowest balance at the credit of an account between the close of the fifth day and the end of the month shall be eligible for interest.”

[F. No. 1/04/2019-NS]
RAJAT KUMAR MISHRA, Jt. Secy.

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