EPFO likely to cut interest rate by 15-25bps.
Rates Slashed: The Employees’ Provident Fund Organisation (EPFO) is likely to reduce the interest rate offered to its subscribers by 15-25 basis points for this fiscal, as per sources.
EPFO is likely to announce the revised interest rate by January 31 post meetings with its investment officials, Central Board of Trustees and the executive committee members.
The decisions to lower the interest rate has been taken in wake of the economic downturn, lower yields on debt- market instruments and lower interest rates on similar offerings such as the public provident fund and government provident fund.
Earlier last year, on October 9, the EPFO had hiked the interest rate to 8.65% for the financial year 2018-19. Livemint
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