Thursday, March 17, 2011

Finmin approves 9.5% interest on PF deposits for 2010-11

New Delhi, Mar 17 (PTI) The finance ministry today approved higher interest rate of 9.5 per cent to over 4.7 crore depositors with the Employees Provident Fund Organisation (EPFO) for 2010-11.
The EPFO had been paying 8.5 per cent interest on PF deposits since 2005-06. In September last year, it had recommended an increase in interest rate to 9.5 per cent for 2010-11 after discovering Rs 1,731 crore surplus in their books of accounts.
"The finance ministry has ratified 9.5 per cent rate of return on PF deposits for 2010-11. We have received a notification in this regard," Central Provident Fund Commissioner Samirendra Chatterjee told PTI.

Chatterjee further added that "our calculations regarding Rs 1,731 crore surplus in the interest suspense account were found correct by the finance ministry and so they approved this higher rate of return".
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