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Union Finance Ministry approved 8.75 percent interest rate on PF deposits for 2014-15

The interest rate of 8.75 percent on Provident Fund (PF) deposits for the year 2014-15 was approved by the Union Finance Ministry on 19 December 2014.

Dec 20, 2014 12:01 IST
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The Union Finance Ministry on 19 December 2014 approved 8.75 percent interest rate on Provident Fund (PF) deposits for the year 2014-15.

This rate of interest on PF deposits will now be notified by the Union Labour Ministry as well as by the Income Tax Department. The decision will be implemented from the date of notification.

Background

The rate of interest on PF deposits for 2013-14 was 8.75 percent itself. On 26 August 2014, Employees' Provident Fund Organisation's Central Board of Trustees (CBT) had decided to retain the interest rate on PF deposits at 8.75 percent only for the 2014-15.

As per the practice, decision of the trustees of EPFO on interest rate is implemented after the concurrence of the Finance Ministry.

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