Interest rate on employee provident fund reduced to 8.50% from 8.65%
New Delhi, Mar 05: The rate of interest on the employees' provident fund has been reduced from 8.65% for 2018-19 to 8.5% for 2019-20.
This is lower than the 8.65% interest rate given on employees' provident fund (EPF) deposits for the previous financial year 2018-19.
The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.
"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting.