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According to sources cited by ET in the story, based on stronger returns on equity investments, the EPFO could either keep the existing interest rate of 8.1 percent or lower it to 8 percent.
As the Centre revises the interest rate of the Public Provident Fund (PPF) on a quarterly basis, the next revision in the PPF interest rate is due to take place by the end of December 2022.
All residents of India are eligible for investing in the PPF scheme. Individuals can open a PPF account by visiting the online portals of banks.
Banerjee called for united protests to thwart this "anti-people step, which has been taken at the expense of farmers, workers and the middle class".
Provident Fund news: EPFO fixes 8.1% as interest rate on EPF deposits for 2021-22 - This is the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.