Introduction
The Employees’ Provident Fund Organisation (EPFO) has announced that the interest rate for the financial year 2017-18 will be 8.65%. This is the highest rate of interest offered by the EPFO in the last five years. This rate of interest is applicable to all the subscribers of the Employees’ Provident Fund (EPF) and the Employees’ Pension Scheme (EPS). This rate of interest will be applicable to all the deposits made in the EPF and EPS accounts from April 1, 2017 to March 31, 2018. This rate of interest will be credited to the subscribers’ accounts on or after April 1, 2018. This rate of interest will be beneficial to all the EPF and EPS subscribers as it will help them to earn more returns on their investments.
New Provident Fund Interest Rate 2017 Will Be 8.65%
The new provident fund interest rate for 2017 is 8.65%. This rate was announced by the Employees’ Provident Fund Organisation (EPFO) on April 5, 2017. This rate is applicable to all EPF subscribers for the financial year 2017-18.
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The union labour minister Bandaru Dattatreya promises 8.65% of interest rate on PF deposits for the financial year 2016-2017. Earlier it was 8.80% for the financial year 2015-2016. When compared to previous interest rate on PF this is 0.15% less. The central government of India actually planned to reduce the interest rates to less than 8.65%, but Dattatreya promises that the new interest rate will be 8.65%. So the new provident fund interest rate 2017 will be 8.65%.
New Provident Fund Interest Rate 2017 Will Be 8.65%
Once central government approves this then nearly 17 crores EPF subscribers accounts will be updated with this new PF interest rate of 8.65%. EPF subscribers are not very happy with this decision. Earlier the Employee Provident Fund Organization has contributed a 8.80% of interest on PF deposits. But now this percentage was decreased.
Recently Employee Provident Fund Organization (EPFO) is taking so many good initiatives like deduction of PF administration charges from 0.85 % to 0.65% and also introducing new EPF composite claim forms and introducing new unified EPF portal etc. Recently Employee Provident Organization has also providing group housing scheme for EPF subscribers. All the decisions taken by central government of India in recent times are very friendly to EPF subscribers except this reduction of new provident fund interest rate 2017 i.e 8.65%.
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Generally EPFO is a social security scheme for poor and middle class employees whose monthly basic + DA is less than 15000 Rs. When the interest rates are high then it will be more beneficial to these kind of lower middle class employees. Recently EPFO trying to bring more subscribers under Employee Provident Fund Scheme. But the government of India is not taking any decisions to increase the interest rates of provident fund interest rate. Do share your opinions on new provident fund interest rate 2017.
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New Provident Fund Interest Rate 2017 Will Be 8.65%
The Employees’ Provident Fund Organisation (EPFO) has announced that the interest rate for the financial year 2017-18 will be 8.65%. This is the same rate as the previous year.
The EPFO had earlier proposed to reduce the interest rate to 8.55% for the current financial year, but the Central Board of Trustees (CBT) of the EPFO decided to retain the rate at 8.65%.
The EPFO had earlier proposed to reduce the interest rate to 8.55% for the current financial year, but the Central Board of Trustees (CBT) of the EPFO decided to retain the rate at 8.65%.
The EPFO had earlier proposed to reduce the interest rate to 8.55% for the current financial year, but the Central Board of Trustees (CBT) of the EPFO decided to retain the rate at 8.65%.
The EPFO had earlier proposed to reduce the interest rate to 8.55% for the current financial year, but the Central Board of Trustees (CBT) of the EPFO decided to retain the rate at 8.65%.
The decision to retain the interest rate at 8.65% was taken after taking into consideration the financial position of the EPFO and the need to provide adequate returns to its subscribers.
The EPFO is a retirement fund body that manages the provident fund accounts of over 5 crore subscribers. It provides a guaranteed return of 8.65% to its subscribers. The EPFO also provides other benefits such as life insurance and medical insurance to its subscribers.
The EPFO has been providing a guaranteed return of 8.65% since the financial year 2016-17. This is the highest rate of return provided by any retirement fund body in India.
The EPFO has been providing a guaranteed return of 8.65% since the financial year 2016-17. This is the highest rate of return provided by any retirement fund body in India.
The EPFO has been providing a guaranteed return of 8.65% since the financial year 2016-17. This is the highest rate of return provided by any retirement fund body in India and is expected to benefit the subscribers of the EPFO.
