Hikes EPF interest rates to 8.65%

Provident Fund interest rate hike The rate offered by EPFO will be much higher than that offered by most small saving schemes

Provident Fund interest rate hike The rate offered by EPFO will be much higher than that offered by most small saving schemes

EPFO has an active subscriber base of more than 60 million and manages retirement savings of over Rs 11 lakh crore.

Retirement fund body EPFO has chose to provide 8.65% interest on PF deposits for 2018-19 against 8.55% in the a year ago to its 6 crore subscribers, Labour Minister Santosh Gangwar said Thursday.

The decision was taken during EPFO trustees meeting. The source further said, "The interest rate is likely to be retained at 8.55 per cent for this fiscal as provided in 2017-18 as Lok Sabha elections are around the corner".

Once approved by the CBT, the proposal requires the concurrence of the Finance Ministry.

The Central Board of Trustees-the decision-making body of EPFO-headed by Labour Minister Santosh Gangwar announced the hike in its meeting held in Delhi today.

Retirement fund body EPFO on Thursday increased the interest rate on PF deposits to 8.65 per cent for the 2018-19 fiscal year. It provided 8.75% interest in FY14 and FY15.

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It is to be noted that rate of interest of 8.55 per cent for 2017-18 was the lowest in the last five years.

The interest rate on PF deposits for 2015-16 was 8.8 per cent while it was 8.75 per cent for 2013-14 and 2014-15. The interest rate is credited into the subscribers account after the Finance Ministry's approval.

Epfo will have a surplus of Rs 151 crore as on date after doling out higher interest rates.

The EPFO trustees can also announce the appointment of new fund managers. The EPFO trustees also reviewed the performance of investments made by the body in stock markets.

There were some changes in the rules governing withdrawal of amount from Provident Fund. Employees' Provident Fund Organisation (EPFO) previous year in June tweeted that existing provision of complete withdrawal after two months of unemployment remains unchanged.

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