What is the current interest rate on Employees’ Provident Fund (EPF) for FY 17?
The Employees Provident Fund Organisation (EPFO) has recently lowered the interest rate on Employees’ Provident Fund (EPF) deposits to 8.65% for the current fiscal FY 17 (2016-17) from 8.8% in 2015-16. The decision was taken by the Employees Provident Fund Organisation (EPFO)’s central board of trustees i.e. chaired by Bandaru Dattatreya, the Union Minister of Labour and Employment. As per EPFO, interest income from PF investments for 2016-17 has been estimated mainly on the basis of interest income received or receivable in this financial year, including surplus from previous year of Rs. 410 crore.