EPFO hikes interest rates to 8.65% from 8.55% for 2018-19
New Delhi : The Employees’ Provident Fund Organisation (EPFO) on Thursday hiked employee's provident fund by 10 basis points from 8.55% to 8.65% for the fiscal year 2018-19.
All members of the Central Board of Trustees (CBT) of EPFO favoured a higher interest for subscribers for the current fiscal. The proposal will now be moved to finance ministry for their nod before it comes into effect.
At 8.55 per cent for 2017-18, the interest rate on the provident fund, the EPFO had provided a five-year low rate of returns on the PF deposits. The EPFO has brought the interest rate at the level of 2016-17, when the same 8.65 per cent rate was announced.
The interest rate on PF deposits for 2015-16 was 8.8 per cent while it was 8.75 per cent for 2013-14 and 2014-15. During 2012-13, the EPFO had offered the interest rate of 8.5 per cent.