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Rate of Mark-Up on State Provident Fund for Fiscal Year 2023-2024

Rate of Mark-Up on State Provident Fund for Fiscal Year 2023-2024

Rate of Mark-Up on State Provident Fund for Fiscal Year 2023-2024
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 YearRate of Mark-Up
2023-202413.97%

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.

Rate of Mark-Up on State Provident Fund for Fiscal Year 2023-2024
Rate of Mark-Up on State Provident Fund for Fiscal Year 2023-2024

Majid Farooq

English postgraduate, wordsmith by passion. Crafting stories, exploring knowledge, and sharing insights through blogs, content, and research.

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