EPFO marginally hikes interest rate on deposits to 8.15 %
The HinduAfter a two-day meeting of the Central Board of Trustees of the Employees’ Provident Fund Organisation, which ended here on Tuesday, it was decided to recommend an increase of 0.05% in the interest for Provident Fund deposits. A government release said the interest rate would be officially notified in the government gazette after the approval of the Ministry of Finance, following which the EPFO would credit the rate of interest into its subscribers’ accounts. In fact, the rate of interest at 8.15% and the surplus of ₹663.91 crore is higher than last year,” the release added. Focus on safety The Centre has been maintaining that the interest rate of the EPFO is higher than other comparable investment avenues available for subscribers. “The EPFO has consistently followed a prudent and balanced approach towards investment, putting highest emphasis on the safety and preservation of principal with an approach of caution and growth,” the Centre said.