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PF deposits likely to receive 8.5% interest for FY 2013-14


08 Sep, 2013 1:45p.m.

The EPFO is likely to finalise the interest rates for the provident fund returns at 8.5% for the financial year 2013-14.  This leaves the rates unchanged from the last year.

The EPFO estimates suggest that the interest rate of 8.5 per cent can leave some surplus for the body.

"In all likelihood, the interest rate on PF deposits for this fiscal will be fixed at 8.5 per cent," a source said.

The source further said if the interest rate is to be increased to 8.75 per cent for the current fiscal; it would result in some deficit, which might not be acceptable to the finance ministry.

The interest rates will be finalised at the meeting of the Central Board of Trustees (CBT) headed by the Labour Minister, on September 23.

Once approved, the proposal is put before the Finance Ministry for its concurrence.

During the meeting, the trustee would reconstitute the EPFO's advisory body--Finance and Investment Committee (FIC), which recommends the rate of interest to the CBT.

The source said the CBT will meet again after reconstituting FIC sometime before Diwali to approve the rate of interest for this fiscal.

EPFO paid 8.5 per cent interest rate to its subscribers in 2012-13 and 8.25 percent in 2011-2012.

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