Retirement fund body Employees’ Provident Fund Organisation (EPFO) on Thursday lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for the current financial year. The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the EPFO’s apex decision-making body,  the Central Board of Trustee (CBT).
The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the CBT meeting today, Labour Minister Santosh Gangwar said. The minister also said that the EPFO will have a surplus of over Rs 700 crore on providing 8.5 per cent rate of interest on EPF for this fiscal.
The EPF interest rate has announced for the current fiscal is lowest since 2012-13, when it was 8.5 per cent. In 2016-17, the EPFO had provided 8.65 per cent interest rate to its subscribers and also 8.55 per cent in 2017-18 but in 2015-16 it was slightly higher at 8.8 per cent.
Read EquityPandit’s Nifty Outlook for the Week