EPFO lowers interest rate on EPF to 8.65 percent for FY17

The Employees Provident Fund Organisation, EPFO has lowered the interest rate on provident fund deposits to 8 (point)65 per cent for the current fiscal, from 8 (point)8 per cent in 2015-16. 

Talking to reporters in Bengaluru yesterday, Union Minister of State for Labour and Employment Bandaru Dattatreya said, the decision was taken with consensus after detailed consultations with all stakeholders.

After the 215th meeting of EPFO's apex decision making body, the



Central Board of Trustees, he said that in spite of giving 8.65 per cent interest rate, they have surplus of 269 crore rupees.Officials said, Interest income from PF investments for 2016-17 has been estimated mainly on the basis of interest income received or receivable in this financial year, including surplus from previous year of 410 crore rupees.

Roughly 17 crore subscribers’ accounts will be updated with this interest rate upon acceptance by the Government.