EPF cuts interest rates on PF deposits to 8.5%

The Employees' Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on provident fund deposits to 8.50 per cent for the financial year 2019-20, Union Minister for Labour and Employment Santosh Gangwar said on Thursday. In the last fiscal, 2018-19, the interest rate was at 8.65 per cent. Post this interest rate cut, salaried employees will get 15 basis points (bps) lower returns on their provident fund deposits this fiscal. The decision was taken at the just concluded meeting of the central board of trustees of EPFO.