The Governor of Kolkata on 12th October, 2023,  through a resolution dated, 12th October, 2023 decided that the accumulated credit of the Subscribers who have subscribed for the General Provident Fund and other similar funds maintained under the administrative control of the Government from the period of 1st October, 2023 to 31st December, 2023, shall carry a rate of 7.1% per annum.

The provident fund scheme in Kolkata is governed by West Bengal Non-Government Educational Institution and Local Authorities (Control of Provident Fund of Employees) Act, 1983 and West Bengal Non-Government Educational Institutions and Local Authorities (Control of Provident Fund of Employees) Rules, 1984 which provide for payment of interest at Government rate on the Provident Fund balances of employees belonging to the Non-Government Educational Institutions and Local Authorities.

Funds such as General Provident Fund (West Bengal Services), Contributory Provident Fund (West Bengal) General Provident Fund Maintained under the West Bengal Non-Governmental Educational Institutions and Local Authorities and Any Local Provident fund maintained under the State Account with the Approval of the Government.

Subscribers to these provident fund include Government employees of the Government of West Bengal and have to compulsorily avail for the provident fund facilities after a year of completion of their service.

The post Change in Interest rates under Provident Fund Scheme in West Bengal first appeared on Legality Simplified.