EPFO Slashed Interest Rate on Provident Fund Deposits to 8.5%
The Employee’s Provident Fund Organisation (EPFO) slashed the interest rate on Provident Fund Deposits to a seven-year low of 8.5% for the current financial year (2019-2020). The EPF interest rate was 8.65 per cent in 2018-19. The new rate introduced by EPFO marked a cut of 15 basis points from the interest rate of 8.65% paid on EPF deposits in FY 2018-19. This reduction in the interest rate is likely to impact the earnings of around 60 million active subscribers of the Provident Fund scheme.