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Subscribers of retirement fund manager EPFO, settling their final claims before the new rate is announced for the current fiscal, will get the existing 9.5 per cent interest on their deposits. “Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per annum, settlement of claims of the EPF subscribers during 2011-12 shall be made at 9.5 per cent per annum till rate of interest is declared for 2011-12,” said an order issued by the Employees' Provident Fund Organisation (EPFO).
The decision will benefit those subscribers who are either retiring or going in for full and final settlement of their accounts before the new rate is announced for 2011-12. In September, EPFO had announced 9.5 per cent rate of return on deposits for over 4.71 crore subscribers for 2010-11, which has been ratified by the Finance Ministry.
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