New Delhi: Employees' Provident Fund Organisation (EPFO) workers can get great good news within the next 7 days. According to reports, the Modi government at the Centre may issue a notification to fix the interest rates of EPF account holders at 8.65 % for 2018-19.
In fact, so far, there was no consensus between the Finance Ministry and the Labour Ministry on interest rates. So the case was still stuck. Now, sources are quoting reports that the two ministries have reached an agreement on interest rates. Therefore, there are apprehensions that a notification may be issued in the next 7 days.
The interest rate on EPF was 8.55 % in fy 2017-18, which has been increased to 8.65 %. Earlier in 2016-17, the EPFO had reduced the interest rate to 8.65 %, which was 8.8 % in FY 2015-16. If the notification is issued by EPFO, your deposit in The Employees' Provident Fund (EPF) will get 8.65 % interest in the financial year 2018-19. EPFO currently has over 6 million active customers who will benefit from it.