Central Board of Trustees (CBT) of Employees’ Provident Fund Organisation (EPFO) has hiked interest rate on PF deposits to 8.65% for 2018-19 from 8.55% in the previous financial year.
This is a 10 basis point increase from the 8.55 percent EPF interest rate announced by the retirement fund for 2017-18. One basis point is one-hundredth of a percentage point.
CBT is the apex decision-making body of EPFO and is headed by Union Labour Minister. It has representatives of employees, employers and government.
Note: CBT of EPFO proposal on interest rate hike will now go to Finance Ministry for approval. The interest rate is credited into the accounts of subscribers after it receives approval of Finance Ministry