EPFO to decide interest rate on Jan 13

According to the EPFO's income estimates for the current financial year, the body may be able to offer an interest rate that is slightly higher than 8.5 per cent for 2013-14.  

Once approved by the CBT, the decision on the interest rate requires concurrence of the Finance Ministry, which has to notify it.

The interest is credited to the accounts of subscribers after the rate is notified.  

As per norms, the EPFO is expected to announce the rate of interest on PF deposits before the start of the financial year.

However, for the past few years, the announcement of the rates had been delayed.

The EPFO's rate of interest was 8.5 per cent for 2012-13, up from 8.25 per cent in 2011-12.