TheGovernment has slashed the Employees Provident Fund (EPF) interest rates to 8.5% from 9.5% for the year 2011-12, a move that will effect over 4.7 crore subscribers. "The Finance Ministry has decided the interest rate based on what EPFO can pay," Labour Secretary M Sarangi told PTI.
Last year, Employee Provident Fund Organisation (EPFO) had given interest rates of 9.5% to its subscribers as its books of account had surplus amount.
However, now private sector banks are paying better interest rates, which will prompt people to think twice before investing.
Provident Fund interest rates are changed once a year, the interest rate applicable at the time of opening will not be the same for the entire tenure.
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