The meeting of the Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) took place today. Chaired by Mallikarjun Kharge, CBT talked about the interest rates of the provident fund for the current fiscal year. In the meeting, it has been decided that that 45,00,000 subscribers will get 8.5% interest in 2009-2010 fiscal year on their provident funds.
The decision came at a time when banks are lowering its interest rates. In May 2009, State Bank of
For the fifth time in a row, the interest rate has been kept at 8.5%. The decision will be forwarded to the Finance Ministry for ratification. In total, Rs. 1.82 lakh crore will be paid and a surplus of Rs.64,00,000 will remain in the current fiscal year.