Finmin to soon ratify payment of 9.5 pc on PF deposits

New Delhi: Finance Minister will soon give green signal to payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday.

"..We can get ratification on 9.5 per cent for the fiscal from Finance Ministry any moment before March 31, 2011", Labour Secretary P C Chaturvedi said.

He was speaking to reporters ahead of the meeting of the Central Board of Trustees (CBT), the highest policy making body of the Employees` Provident Fund Organisation (EPFO).

Although CBT, which is headed by labour minister, had decided to give a higher return of 9.5 per cent on provident fund deposits for 2010-11, the Finance Ministry had expressed its reservation on the move.

Downplaying the ongoing tussle between the two ministries over hiking the interest rates on PF deposits, Chaturvedi said, "these are just consultations between the two ministries".