Interest rate on provident fund increased to 8.75%

January 13, 2014 12:03

The Employees Provident Fund Organisation has increased the the interest rate on your statutory savings to 8.75% for the current financial year, compared to 8.5% paid last year, helping over eight crore subscribers earn higher returns during a period of high inflation. The increase was announced by Union minister Oscar Fernandes.

EPFO fixes the rate based on the interest earned on its investment, a majority of which is in government securities, and it's expenses. EPFO manages a corpus of over Rs 5 lakh crore and is a basic source of retirement fund for several Indians.

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