EPFO hikes interest rates on PF deposits for 2018-19 - All you need to know

ZeeBiz WebTeam | Feb 21, 2019, 07:11 PM IST

Retirement fund body EPFO has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said Thursday.
 

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All members of the Central Board of Trustees (CBT) of EPFO at a meeting here agreed to give a higher interest for subscribers for the current fiscal, Labour Minister Santosh Gangwar said.  Image source: PTI

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The proposal would now go to the Finance Ministry for approval, Gangwar said after the CBT meeting.  Image source: PIB
 

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Earlier, highly placed sources had indicated that the interest on EPF deposits for this fiscal could be more than 8.55 per cent in view of impending general elections.  Image source: PTI
 

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The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.  Image source: PTI

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Once approved by the CBT, the proposal requires the concurrence of the Finance Ministry. The interest rate is credited into the subscribers account after the Finance Ministry's approval.  Image source: PTI

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The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.  Image source: PTI