Employees' Provident fund rates lowered to 8.6%

December 19, 2016 14:52

Employees' Provident Fund Organisation fixes 8.65 per cent interest on EPF deposits for 2016-17. The earlier rate was 8.8 per cent.

The EPFO had provided 8.8 per cent rate of interest on EPF deposits for 2015-16 despite Finance Ministry's ratification for 8.7 per cent.

The Board fixes the rate of interest for a financial year and it is approved by its advisory body Finance, Audit and Investment Committee. As per the practice, Finance Ministry gives concurrence to the rate of interest fixed by the CBT considering the income projections of a year. After its ratification, the interest rate is notified and cred

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