EPFO - PPF Interest Rates May Increse To 9.5% By This Year
Financial, Recent Updates 10:45 AM
This is a good news for almost 4.5 Crores PPF or EPFO users. After Online EPFO balance checking Online, government is all set to increase the PPF and EPFO Interest rate to 9.5%.
Government has set a deadline of December 31 for updation of each and every account and warned that officers who did not stick to the timeline would be punished.
EPFO is the custodian of more than Rs 3 lakh crore of subscribers money.
The Employees' Provident Fund Organisation, or EPFO, says the surplus in the interest suspense account is more than the Rs 1,732 crore estimated initially after bulk of the subscriber accounts have been updated.
The surplus will give the EPFO cushion to maintain at least the 8.5% return even in bad years. The EPFO had announced a 1% higher interest rate for 2010-11 based on Rs 1,732 crore of excess funds it had discovered in its interest account.
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Posted by Raj
on 10:45 AM.
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