PF money could fetch more than bank deposits
Posted on: 25/Jan/2016 11:29:08 AM
At a time when bank fixed deposit rates are falling, your provident fund money could fetch more. The finance ministry has mentioned that it could lower the interest rate on several small saving schemes. Small saving deposits like Public Provident Fund and Sukanya Samriddhi Scheme is commanding a rate of 8.79.3 per cent.
The finance panel of retirement fund body Employee Provident Fund Organization (EPFO) has recommended a higher interest rate of 8.95 per cent for the current fiscal (2015-16). If the finance panel`s recommendations are accepted by the EPFO`s apex decision making body - Central Board of Trustees - this would be the highest interest rate offered on provident fund deposits since 2010-11, when it offered 9.5 per cent. Since 2013-14, the interest rate on provident has remained unchanged at 8.75 per cent.
