EPFO on Thursday brought down the loan cost on Provident Fund stores to a seven-year low of 8.5 percent for the current monetary year.
The EPFO had given 8.65 percent rate of interest on EPF for 2018-19 to its around six crore beneficiaries.
The choice to bring down the loan fee was taken at a gathering of the EPFO’s peak dynamic body – the Central Board of Trustees (CBT).
“The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the CBT meeting today,” Labour Minister Santosh Gangwar said in New Delhi after the meeting.
The minister likewise said that the EPFO will have an excess of over Rs 700 crore on giving 8.5 percent pace of enthusiasm on EPF for this monetary.
The EPF loan fee reported for the current financial is the most reduced since 2012-13, when it was 8.5 percent.
The EPFO had given 8.65 percent loan fee to its supporters for 2016-17 and 8.55 percent in 2017-18. The pace of intrigue was somewhat higher at 8.8 percent in 2015-16.
It had given 8.75 percent pace of enthusiasm for 2013-14 just as 2014-15, higher than 8.5 percent for 2012-13.