"Ministry of Finance has given concurrence to 8.25 per cent rate of interest on the EPF for 2024-25 fiscal year and labour ministry sent a communication regarding this to the EPFO on Thursday," a labour ministry official said
The 30-share BSE Sensex soared 735.95 points, reaching a new all-time high of 83,684.18 in early trade. Similarly, the NSE Nifty climbed 209.55 points, hitting a fresh record of 25,587.10.
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal, is now pegged higher at 8.95% against the earlier rate of 8.85%
This interest rate will be officially notified in the government gazette after approval by the Ministry of Finance after which the EPFO will credit the approved rate of interest into its subscribers' accounts
The prices shot up reflecting the overall higher risk averseness of investors with the rising interest rates along with higher demand, which rose by 14 per cent at the auction in spite of a jump in the average tenor to 15 years from 13 years last week
Karimnagar: In order to attract deposits, the Karimnagar District Cooperative Central Bank (DCCB) has announced the highest interest rates on term deposits for the general public and senior citizens with effect from Wednesday onwards. For deposits from one year to three years, the general public would get 6.75 per cent interest and the senior citizens […]
New Delhi: Interest rate on employees’ provident fund deposits on Saturday was proposed to be cut to a four-decade low of 8.1 per cent for the current 2021-22 fiscal from 8.5 per cent in the previous year, sources said. This is the lowest interest rate since 1977-78 on deposits that employees make towards their retirement […]