Home > Business > Reuters > Report
Govt to cut EPF rate by 1%
March 12, 2003 21:06 IST
The government has decided to lower interest rates on its general provident fund and special deposit schemes by 100 basis points, a senior finance ministry official said on Wednesday.
"In both the schemes it will be a 100 basis points reduction. It will be effective from April 1," the official, who did not want to be identified, told Reuters.
The interest rates were cut from 9.0 per cent after the government reduced rates on some small savings schemes by 100 basis points in the Union Budget last month.
The special deposit scheme, in which funds collected by the Employees Provident Fund, India's largest state-run pension fund, are invested, has a corpus of more than Rs 90,000 crore (Rs 900 billion).
© Copyright 2003 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
|
![](/uim/common/trans.gif)
|
What do you think about the story?
![](/uim/common/trans.gif)
|
![](/uim/common/post_ur_msg.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
Read what others have to say:
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
Number of User Comments: 3
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
Sub: Not so prudent.
It is highly unfair on the part of the govt to reduce the EPF interest rates. They have already reduced the interest rates on small ...
![](/uim/common/msg_more.gif)
Posted by Amit
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
Sub: RE:reduction of epf interest rate
It is heartening to hear from people saying that it is the only reliable source after a person retires. But the same view was not ...
![](/uim/common/msg_more.gif)
Posted by christopher
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
Sub: reduction of epf interest rate
reduction of interest rate is highly objectionable, when govt doesnot reduce the minister's strength in no's they have no right to talk on economy . ...
![](/uim/common/msg_more.gif)
Posted by s.dhayanandhan
![](/uim/common/trans.gif)
|
![](/uim/common/trans.gif)
|
![](/uim/common/view_all_msg.gif)
|
|
![](/uim/common/trans.gif)
Disclaimer
![](/uim/common/trans.gif)