Good news for PF shareholders: EPFO can provide 8.65% interest for fiscal year 2017-18

Good news for PF shareholders: EPFO can provide 8.65% interest for the fiscal year 2017-18

Good news for PF shareholders: EPFO can provide 8.65% interest for the fiscal year 2017-18


Employees' Provident Fund Organization (EPFO) can give good news to FP's shareholders for the current fiscal year For the 2017-2018 fiscal year, the EPFO can give 8.65% interest to its members five members crore on the provident fund deposits. Sources said that to maintain the interest rate of 8.65% in the current fiscal year, the EPFO sold a portion of its investment in Exchange Traded Funds (ETF) for Rs 2,886 crore this month. this. In fact, the speculation was that it could go up to 8%. In such a situation, this rate is certainly good news for shareholders.

According to sources, the EPFO had announced this interest rate on deposits in 2016-17. It gave the interest of 8.8% in the previous fiscal year 2015-16. By selling shares in ETF, EPFO achieved a turnover of 1.054 crores Rs this month, which is enough to give interest to 8.65%.

In the meantime, in the meantime, the EPFO launched last year a facility under which EPFO shareholders can add 10 old accounts to the universal account number (UAN) at one time. Previously, EPFO shareholders had to make transfer requests separately online using the UAN on the EPFO UAN Portal.

However, to obtain this facility, they must activate their UAN. It will be linked to bank accounts and other details such as the base number and PAN. Without UAN Equalization, these shareholders can do it online via the EPFO Transfer Claim Portal. A senior official said that the EPFO has simplified the process with this facility.

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