Updated By: LatestGKGS Desk
EPFO reduced interest rate to 8.65% during 2016-17 financial year
Employees Provident Fund Organisation reduces interest rate to 8.65% during 2016-17
The Employees Provident Fund Organisation reduces the provident fund deposits from 8.8% to 8.65% for the financial year 2016-2017.
The interest of the provident funds has been set according to interest income received or is receivable in the financial year.
Decision to be notified by Finance Ministry soon
The decision is taken by the Employees Provident Fund Organisation apex decision making body Central Board of Trustees and the notification will soon be issued by the finance ministry after projecting incomes and expenditures during the current fiscal year.
The move is in line with the falling rate regime which has seen RBI cut lending rate and reducing bank deposit rates after demonetisation.
As the interest rate of various other deposit schemes is lower, it must be noted that other schemes are not exempted of tax as EPF.
