Our Special CorrespondentNew Delhi: The state-run Employees' Provident Fund Organisation (EPFO) on Monday cut the interest rate for the financial year 2017-18 to a five-year low of 8.55 per cent. The rate, which will affect a six-crore-strong workforce, was trimmed by 10 basis points from last year's rate of 8.65 per cent. This is the third straight year that the provident fund organisation has cut the interest rate. Despite the cut, the interest rate of the EPFO is higher than what is offered by other long-term investment schemes. While the Public Provident Fund offers an interest rate of 7.6 per cent, the Post Office senior citizen savings scheme offers an interest rate of 8.3 per cent.

Source: The Telegraph February 21, 2018 21:11 UTC