PF interest 8.25% for this yr,deepest rate cut in decade

The 1.25 percentage point cut from the 9.5 per cent interest is steepest in over a decade.

Days before the budget,Finance Minister Pranab Mukherjee has cut the interest on deposits in the Employees Provident Fund (EPF) to 8.25 per cent for this financial year.

The 1.25 percentage point cut from the 9.5 per cent interest that EPFOs nearly 4.7 crore subscribers enjoyed in 2010-11 is the steepest in over a decade,and in effect means the interest rate on provident fund is now lower than that on fixed deposits and Public Provident Fund (PPF) deposits.

Bank deposit rates are currently over 9 per cent,and interest rates on small savings instruments like PPF and National Savings Certificates (NSCs) have been raised to 8.6 per cent.

Story continues below this ad

It is to inform that the ministry of labour and employment has conveyed the approval of the central government to credit interest at 8.25 per cent for the year 2011-12 to the account of each member of the scheme. You are accordingly requested to issue necessary instructions…, the EPFO said to field offices in a circular issued last evening.

The decision had been pending with the finance ministry since December 2011,and Mukherjee had apparently been restrained so far by the assembly elections in five states. Last years interest bonanza was the result of the chance discovery of Rs 1,700 crore in EPFO coffers.

H-1B visa fee hike, US H-1B visa policy, $100000 H-1B visa fee, India response to H-1B fee, humanitarian impact H-1B visa, Indian government on H-1B, Randhir Jaiswal H-1B statement, Indian IT companies H-1B visas, Infosys H-1B approvals, TCS H-1B visa employees, Wipro H-1B visa applications, HCL H-1B workforce, US visa restrictions 2025, H-1B visa deadline September 21, Microsoft H-1B travel advisory, Amazon H-1B visa holders, JP Morgan H-1B guidance, H-1B visa program abuse, Indian skilled workers in US, USCIS H-1B data 2023

‘I don’t know what awaits me in the US’: The lives upended by Trump’s H-1B proclamation

India4 hr ago

The recent imposition of a $100,000 fee on H-1B visas by Trump has caused chaos and uncertainty for Indian families in Dubai, leading many to rush back to the US. This has particularly affected Telugu-speaking Indians, with the Telangana IT Minister seeking intervention from the Centre.

View all shorts

Live Blog