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PF subscribers to get 8.5% interest rate for FY13

EPFO paid an interest rate of 9.5% in 2010-11

February 26, 2013 8:57 IST | India Infoline News Service
The Employee’s Provident Fund Organisation (EPFO) on Monday announced to pay 8.5% interest rate to its over 50 million subscribers on their PF deposits for 2012-13.

The interest rate, approved by the Central Board of Trustees (CBT), however, is lower than around 8.75% return that the fund earned this year.

EPFO paid 8.25% interest to its subscribers for 2011-12, while it paid an interest rate of 9.5% in 2010-11.

According to the retirement body estimates, payment of 8.6% interest rate would result in a deficit of Rs 2.4billion, while 8.5% interest rate on PF deposits for would leave a surplus of Rs. 40 million in FY12-13. 

The CBT’s decision will now be notified by the Finance Ministry.

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