Finance Ministry Ratifies 8.5% Interest on PF Deposits for 2012-13

 

The Finance Ministry has approved payment of 8.5 per cent rate interest for 2012-13, up from 8.25 per cent in the previous fiscal, benefiting over 5 crore EPFO  subscribers. "Finance ministry has notified 8.5 % Interest Rate for 2012-13. It will be implemented with immediate effect,"EPFO' Central Provident Fund Commissioner told

The notification will enable EPFO to settle claims at 8.5 per cent and also credit interest into the accounts of subscribers for 2012-13

The Employees Provident Fund Organisation's (EPFO) apex decision making body, the Central Board of Trustee (CBT), on February 25 had decided to pay 8.5 per cent rate of interest to subscribers for 2012-13

 

The CBT's decision on interest rate is required to be notified by the finance ministry. Only after notification, the interest is credited into the accounts of subscribers.