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Provident Fund Members May Get 8.6 Per cent Interest rate
EPFO subscribers may get a lower interest at a rate of 8.6 per cent on their PF deposits as per PTI reports.
Last fiscal, the CBT chose to fix 8.8 per cent interest on EPF and this was further reduced by the Finance Ministry to 8.7 per cent.
The Board fixes the rate of interest for a financial year and it is approved by Finance, Audit and Investment Committee (FAIC) which is an advisory body.
"Finance Ministry has been nudging Labour Ministry to keep interest rate on EPF in line with other small savings schemes administered by it. There is a broad consensus between the two ministries to fix 8.6 per cent interest for this fiscal," a source said to PTI.
The source further said that EPFO has not worked out the income projection for the current fiscal. The Central Board of Trustees (CBT), EPFO's apex decision making body, takes a call on interest rate on the basis of income projection, added PTI.
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