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General Provident Fund and other similar funds shall carry interest at the rate of 7.1% w.e.f. 1st April, 2021 to 30th June, 2021. This rate will be in force w.e.f. 1st April, 2021.
1 dated March 15, 2021 (“
Notification”), introduced a significant amendment in the investment regime for Non-Government Provident Funds, Superannuation Funds and Gratuity Funds (together referred herein as “
Provident Funds”). Vide the notification issued by the Ministry of Finance, Department of Financial Services, such private Provident Funds have been permitted to invest their funds into units of Category I and Category II Alternative Investment Funds (“
AIFs”), in accordance with the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“
AIF Regulations”). However, the Notification does stipulate certain restrictions and thresholds, while opening up the avenue of investing in AIFs for such Provident Funds.
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government’s strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.