Rate of Mark-Up on State Provident Fund for Fiscal Year 2023-2024
Introduction
The Government of Punjab, Finance Department, has announced the rate of mark-up on the State Provident Fund (General Provident Fund) for the fiscal year 2023-2024. This decision is outlined in a letter dated September 4, 2024.
Key Points
- Profit Rate: The rate of mark-up for the State Provident Fund has been set at 13.97% per annum for the fiscal year 2023-2024.
- Exemptions: This rate does not apply to subscribers who are entitled to a different rate of interest under the rules of a specific fund.
- Effective Date: The new rate will be applicable from the beginning of the fiscal year 2023-2024.
Table: Rate of Mark-Up for State Provident Fund
| Fiscal Year | Rate of Mark-Up |
|---|---|
| 2023-2024 | 13.97% |
FAQs
Q: Who is eligible for the State Provident Fund?
A: The State Provident Fund is primarily meant for government employees in the Punjab.
Q: Can I withdraw my State Provident Fund before retirement?
A: Yes, you can withdraw your State Provident Fund under certain conditions, such as for medical emergencies or education purposes. However, there are specific rules and procedures to follow.
Q: How is the interest calculated on the State Provident Fund?
A: The interest is calculated on a daily basis and credited to your account annually.
Conclusion
The announcement of the rate of mark-up on the State Provident Fund is a significant development for government employees in the Punjab. The 13.97% interest rate provides a valuable benefit for subscribers, contributing to their financial security and retirement planning.
