The reduction in interest rate offered by Employees’ Provident Fund Organisation (EPFO) to 8.1 per cent reflects ‘today’s realities’ and is still higher than interest on small savings schemes and bank fixed deposit rates, finance minister Nirmala Sitharaman said on Monday.
“EPFO has a central board which is the one which takes the call on what rate has to be given for them, and they have not changed it for quite some time...they have changed it now ... to 8.1 per cent," she said, adding that the proposal is yet to come to the finance ministry for approval. Sitharaman was