Bihar cabinet fixes PF interest rate at 8.1%

In line with the Centre’s decision to cut interest rate on provident fund, the Bihar Cabinet on Tuesday decided to fix interest rate on Bihar general provident fund or contributory provident fund at 8.1%.

In line with the Centre’s decision to cut interest rate on provident fund, the Bihar cabinet on Tuesday decided to fix interest rate on Bihar general provident fund or contributory provident fund at 8.1%.

The rate of 8.1% would be applicable for the first quarter of the current fiscal, from April 1 to June 30. (HT file)

“The cabinet gave its nod to a proposal of Finance Department to fix interest rate at 8.1% which would be paid on the deposits of general provident fund/ contributory provident fund,” cabinet secretariat department principal secretary Brajesh Mehrotra told reporters.

“The decision has been taken in line with the Centre’s decision to slash interest rate on the provident fund,” Mehrotra said.

The rate of 8.1% would be applicable for the first quarter of the current fiscal, from April 1 to June 30, he said.