EPFO May Fix Interest Rate On PF Deposits For FY16 In Early September

Retirement fund body EPFO is likely to take a decision early next month on interest rate on PF deposits of its over six crore subscribers for 2015-16.

The Central Board of Trustees, the main decision making body at EPFO, is likely to discuss and approve the rate of interest on PF deposits for current fiscal it its meeting in the first fortnight of September, an official said.

EPFO May Fix Interest Rate On PF Deposits For FY16 In Early September

"The Central Board of Trustees (CBT) headed by the Labour Minister may take up for discussion the proposal on payment of interest on PF deposits for 2015-16 in its meeting likely next month," the top EPFO official said.

The EPFO paid 8.75 per cent rate of interest for 2013-14 and 2014-15 financial years to its subscribers. It has over six crore subscribers on the provident fund deposits.

"I have requested the Labour Minister to convene the meeting of the CBT. The Minister has nodded for a meeting.

It has been decided to convene the meeting in the first fortnight of September," EPFO Central Provident Fund Commissioner K K Jalan told PTI.

Jalan met Labour Minister Bandaru Dattatreya at his office today and had a detailed meeting on the issue. Further, on its plan to launch online PF withdrawal facility for its subscribers having Aadhaar enabled PF and bank accounts after a Supreme Court ruling, Jalan said EPFO will review the decision within a week.

"UIDAI/Aadhar will not be used for any other purposes except PDS, kerosene and LPG distribution system," a Supreme Court bench had said last week.

The court also made it clear that even for PDS, kerosene and LPG distribution system, the card will not be mandatory.

EPFO manages a huge corpus of over Rs 6.5 lakh crore with an incremental annual deposits of Rs one lakh crore.

PTI

Read more about: epfo, pf, interest rates
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