EPFO may announce EPF rate in August 2017. Moreover these PF rates are for FY 18. It is so because retirement body fund said that it will release PF interest rate on PF deposits. However you must wait for next month. As it is when there is EPFO trustee meeting.
Rate of return on EPF deposits
In 2015 – 2016, PF interest rate was 8. 8 %. But Employees Provident Fund Organisation decreased PF rate of return. And it was 8. 65 % for 2016 – 2017. On other hand Labour Minister Bandaru Dattatreya added some more points. You can also know Finance Ministry decision on EPF cover.
Mr. Dattatreya said that he will take final decision on PF interest rate soon. Furthermore EPF members must wait till next month. It is so because till then Labour Minister will discuss PF interest rate with Central Board of Trustees.
Will PF rate of interest change?
There is one question in every person mind. And it is that if there will be change in PF interest rate. Besides what will be change in of PF rate of interest for 2017 and 2018. On other hand Minister Bandaru Dattatreya said that rate of return on equity investments is 13. 3 %.
Therefore Central Board of Trustees or CBT checks all things. And only then they take final decision. However till then we wait for next announcement. In addition PF rate depends on income projection in this fiscal.
So you should wait for some more time. It is so because authorities are looking for different ways to help EPF subscribers. Even EPF organisation is checking income projections for current fiscal. In this way they fix rate of return on PF deposits.
While it will be only for 2017 and 2018 financial year. On other hand some people say that authorities may decrease EPF interest rate. But there is no confirmation about decrease in PF rate from Government of India. Now EPF subscribers can get housing subsidy.
Apart from that some people say that PF interest rate may fall. And reason for such a statement is that there is no profit on bonds or securities. Moreover retirement fund invests most of its funds in bonds and securities.
FAIC comments
In addition to above things you should know some more points. While these are listed here. First is that there will be suggestions from FAIC. Here FAIC full form is Finance Investment and Audit Committee.
It is also practise that FAIC checks all details of proposal about EPF interest rate. And when every single thing is okay then they forward report to CBT. In addition you can get your UAN number. It is also possible for you to get UAN number with PF number.