The Central Board of Trustees of EPFO had requested to keep the interest rate on EPF at 8.50 per cent for 2019-20, which is 0.15 per cent less than the former in the review of March 5. Earlier, for the year 2018-19, EPF account holders had received interest at the rate of 8.65 per cent on their deposited funds. The EPFO gave 8.65 per cent interest on the provident fund in the financial year 2016-17 and 8.55 per cent in 2017-18. It was 8.8 per cent annual in 2015-16.
This proposed rate of EPFO will be a minimum of 7 years. This decision of the Central Board of Trustees was sent for the permission of the Ministry of Finance, but it has not yet received its approval from the Finance Ministry. The decision to amend the annual interest rate on EPF is determined only with the permission of the Finance Ministry.
There might be talks about selling Old ETF Holdings in this meeting. It is being told that the Army Provident Fund (EPFO) may soon sell part of its investment of Rs 6,000 crore in Exchange Traded Fund (ETF). The move will generate an income of Rs 2700 crore to the retirement fund body. Many important decisions will be taken at the meeting. There is no definitive determination of what the decision may be, it will be clear only after the meeting.
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