PF deposits to get 9.5% interest for 2010-11

The Finance Ministry on Thursday approved the higher interest rate for deposits with the Employees Provident Fund Organisation (EPFO) for 2010-11.

After the approval, the Labour Ministry notified the 9.5 per cent interest rate. The EPFO had been paying 8.5 per cent interest on PF deposits since 2005-06.

In a letter to the Central Provident Fund Commissioner (CPFC) on Thursday, the Labour Ministry sought the crediting of 9.5 per cent interest rate for 2010-11 to the account of each member, but on the condition that the 4.72 crore accounts should be updated within six months.