EPFO meet on September 16 likely to decide on interest rate for FY16

NEW DELHI: Retirement fund body EPFO is likely to decide on interest rate on PF deposits for 2015-16 for its over six crore subscribers in its trustees' meet on September 16.

"The Central Board of Trustees (CBT) headed by the Labour Minister may take up for discussion the proposal on payment of interest on PF deposits for 2015-16 in its meeting scheduled on September 16," a source said.

"The 208th meeting of the Central Board of Trustees has been scheduled on 16th September in Hyderabad," a circular issued by the Employees' Provident Fund Organisation (EPFO) said.

The EPFO paid 8.75 per cent rate of interest for 2013-14 and 2014-15 financial years to its subscribers. It has over six crore subscribers on the provident fund deposits.

EPFO manages a huge corpus of over Rs 6.5 lakh crore with an incremental annual deposits of Rs one lakh crore.