Govt. hikes interest for gratuity funds to 8%

The Centre has notified a higher interest rate of 8% for the non-government provident, superannuation, and gratuity funds, effective from October 1. The interest rate on these funds has been raised from 7.6%. The move comes on the back of a hike in small savings rates — by up to 40 basis points for some schemes — that was also made effective from October 1. “It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F. 16(1)-PD/75 dated June 30, 1975, shall with effect from October 1, 2018 to December 31, 2018, bear interest at 8.0%,” the Ministry of Finance notification said.

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