The Central Board of Trustees of the Employees Provident Fund today decided to continue with the 9.5 per cent interest rate on all deposits. The decision would be reviewed after the Budget.
This means the gauntlet has been thrown back at the finance ministry for reducing rates on comparable small savings schemes like public provident fund and government provident fund in the Budget.
At the meeting, it was also decided to issue social security card to all contributors to the EPF as an identification measure and to incorporate it in the amended EPF Act. Central Provident Fund Commissioner Ajay Singh said the rate would apply to all deposits with effect from April 1, 2002. He said the board
