EPFO may cut interest rate from 8.65% to 8.5% for FY18 on Nov 23

Last year, the board of trustees had cut the interest rate on PF holdings to 8.65% from 8.8% the year before

The Employees Provident Fund Organisation (EPFO) may cut the rate of interest on provident fund savings from 8.65 per cent in 2016-17 to 8.5 per cent in 2017-18 fiscal year, reports Economic Times. While talking to ET, an official said that falling interest rates in the market forced the retirement funds body to go for a cut in interest rates on PF savings.
 
In August, Punjab National Bank and HDFC Banks slashed interest rate on savings bank accounts by 50 basis points to 3.5% on the deposits of Rs 50 lakh.
 
The Central Board of Trustees, the apex