new delhi retirement fund manager epfo is likely to decide the rate of interest on provident fund deposits for this fiscal in its trustees meeting next month the apex decision making body of employees provident fund organisation epfo central board of trustees headed by labour minister santosh gangwar will meet in november an official source said epfo has over 50 million subscribers the source further said the interest rate on provident fund deposits for 201718 is likely to be placed before the trustees for approval in december last year the cbt had decided to lower the rate of interest on epf to 865 per cent for 201617 from 88 per cent provided for 201516 as per the practice the boards decision is concurred by the finance ministry after evaluating whether the epfo would be able to provide the rate approved by trustees through its own income or not once the finance ministry ratifies the rate of interest approved by the cbt it is credited into the account of epfo members for that particular financial year the finance ministry had decided to lower the epf interest rate of 88 per cent for 201516 as approved by the cbt to 87 per cent the decision drew flak from all quarters forcing the government to uphold 88 per cent the finance ministry has been asking the labour ministry to rationalise the epf interest rate in view of lowering of returns on various administered savings schemes like ppf the government generally ratifies the rate of return approved by the cbt because the epfo is an autonomous body and provides interest on epf deposits from its own income