New Delhi: For this financial year 2019-20 you may get less interest on PROVIDENT FUND. The Central Board of Trustees i.e. CBDT is going to have an important meeting on 5 March to review the interest rates.
On 5 March, the Central Board of Trustees is going to meet in Delhi in which it will be decided how much will be cut on the interest on the PROVIDENT FUND i.e. PF interest in the financial year 2019-20. The CBDT believes that in the current economic situation it is difficult to give 8.65% returns due to which the interest rate may decrease by 0.10%.
Not only this, the board will also review the returns received from investment to EPFO. Older surpluses will be taken into consideration when deciding interest. There is a possibility of a decrease in PF returns due to IL&FS. EPFO currently has a surplus amount of Rs 151 crore.
