EPF interest rate hiked to 8.6%

Interest rate on Employees’ Provident Fund will be increased from 8.25% to 8.6% in the current fiscal. The Employees’ Provident Fund Organisation (EPFO) had brought down the rate of interest to 8.25% for 2011-12 from 9.5% provided in 2010-11.
The retirement fund body EPFO has parked in excess of Rs 55,000 Crore in the Special Deposit Schemes, aimed at providing better returns to non-government provident funds and other such funds.