Employees Provident Fund Organisation may raise 2013-14 interest rate to 8.75%

EPFO manages a corpus of over Rs 5 lakh crore and is a basic source of retirement fund for several Indians.

NEW DELHI: Employees Provident Fund Organisation may increase the the interest rate on your statutory savings to 8.75% for the current financial year, compared to 8.5% paid last year, helping over eight crore subscribers earn higher returns during a period of high inflation.

The agency's central board is scheduled to meet on Monday to to decide the interest rate for 2013-14. EPFO fixes the rate based on the interest earned on its investment, a majority of which is in government securities, and it's expenses.

EPFO manages a corpus of over Rs 5 lakh crore and is a basic source of retirement fund for several Indians.


Source: The Times of India