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Employee Provident Fund Organisation officials wanted a reduction in EPF interest rates in 2014-15, but trade unions wanted a rise. What finally happened was that status quo was maintained.
EPF interest rates for 2014-15 have been kept at the same level as 2013-14, at 8.75 per cent. But according to the Labour Minister, investment norms for the over ₹5 lakh crore EPF corpus have been relaxed to generate higher returns. But this does not mean that EPF will invest in equity markets , though.
Mother Dairy CardMother Dairy has come out with a card, called ‘Smartchange’ in partnership with SBI to help customers make easy payments at Mother Diary milk booths in Delhi and the NCR. . Consumers using this card can shop for all products available at the Mother Dairy booths. A token ₹25 will be charged from the customer at the time of issuance of the card. The card will have a top up limit of ₹1,000 and the limit per transaction will be ₹500.
SBI cuts home loan ratesFollowing ICICI Bank and HDFC Bank, SBI has announced cuts in home loan rates. Irrespective of loan amount, all three lenders now offer loans at an interest rate of 10.15 per cent. Earlier, SBI offered 10.15 per cent interest on loans up to ₹75 lakh and 10.3 per cent for those above ₹75 lakh.
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