The new rate is a marginal increase over the previous year and comes amid interest rate increases in the financial system following successive rate hikes by the Reserve Bank of India and a higher surplus with EPFO this year.
Nonetheless, the interest rate on employees' provident fund (EPF) savings remains the highest in the small savings category, where the government has modestly raised rates for the March quarter. The most attractive rate under the small savings scheme is 8% for the senior citizens' savings plan.
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