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<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

The central board of trustees of the <a href="http://www.businessinsider.in/searchresult.cms?query=EPF&amp;sortorder=effectivedate">Employees' Provident Fund Organisation</a> (EPF) has reversed the decision of previous UPA-II government and will now give interest on <a href="http://www.businessinsider.in/searchresult.cms?query=inoperative+accounts&amp;sortorder=effectivedate">inoperative accounts</a> from April 1, 2016. 
 
Inoperative EPF accounts means there has been no contribution from either the employee or the <a href="http://www.businessinsider.in/searchresult.cms?query=employers&amp;sortorder=effectivedate">employer</a> for 36 months. 
 This will benefit around nine crore <keyword id="1907154" type="UNKNOWN" weightage="20" keywordseo="inoperative-accounts">inoperative accounts</keyword> of subscribers switching jobs. 
 
"We have taken a pro-worker decision to give interest on inoperative accounts with effect from April 1, 2016," said labour minister Bandaru Dattatreya. 
 
A sub-committee will be constituted for the same.

Your PF will now earn interest, even if your employer has stopped contributing to it

10 best tax-saving investments

The different government schemes of investment have gained immense popularity among the public in India as they assure the best investment rates and are highly affordable and accessible to all. The different kinds of state-owned small savings investment vehicles also enable the investors for some attractive tax benefits. In terms of assuring the highest returns, the two most popular savings schemes available with the post offices are Public Provident Fund (PPF) and <keyword id="162207" type="PERSON" weightage="20" keywordseo="Kisan-Vikas-Patra">Kisan Vikas Patra</keyword> (KVP). Hereunder we compare between these two investment vehicles to understand them better. KVP (Kisan Vikas Patra) While choosing to invest in KVP, individuals can earn up to 7.6% interest on their invested amount. Similar to what is done in PPF account, the interests are compounded annually. The start the investment, you need to invest a minimum of Rs 1000. There is no maximum limit for your investment. The investment amount will double in 112 months. KVP certificates can be purchased from any post office. Nomination facility is available. Certificate is transferable between post offices and between persons. From the date of issue, you can get back the money on your certificate after two and half years if there is a need for you. PPF (Public Provident Fund Account) This scheme gives 8% <keyword id="37018" type="PERSON" weightage="20" keywordseo="interest-rate">interest rate</keyword> over the invested amount. The interest is compounded annually int his case. It is possible to invest as low as Rs. 500 and up to a maximum limit of Rs. 1.5 lakhs per year. You can also choose to make the deposit in lump sum or in installments. You need to open this account with Rs 100 and have a minimum deposit of Rs 500 in it to be able to operate it. The maturity period is 15 years but it can also be extended to five more years eventually. You cannot close the account before 15 years. Starting from the 7th financial year of opening the account, you can start withdrawing cash if you want. From the 3rd year, loan facility is also available. Points of comparison between KVP and PPF Interest rate The rate of interest from 1st July 2019 on KVP is 7.6%. This is considerably lesser than what you get on PPF. Also the other benefits that you have in PPF are not available in Kisan Vikas patra. Deduction under Section 80C Under Section 80C, investments made in PPF can enable you for a deduction of Rs. 1,50,000 in a financial year. However, investments in KVP are not eligible for tax deductions. Tax on the interest earned As it is considered under the accounting category ‘income from other sources’, the amount you earn as interest on the deposits in KVP is taxable, while it is not taxable in case of PPF. Lock in period The lock in period is quite high in case of KVP as against the kind of flexibility you enjoy with a PPF scheme. Even in case of PPF, experts advise that you can think of investing to an upper limit of Rs. 1,50,000 per annum and then choose other kinds of investment options in order to maximize your tax savings.

Kisan Vikas Patra Vs Public Provident Fund(PPF) which is better?

New Delhi, Mar 4 () Retirement fund body <keyword id="6372438" type="COMPANY" weightage="20" keywordseo="epfo">EPFO</keyword> on Thursday decided to retain 8.5 per cent rate of interest on provident fund deposits for the current financial year. EPFO has more than five crore active subscribers. The Employees' Provident Fund Organisation's (EPFO) apex decision-making body <keyword id="225704" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Trustees">Central Board of Trustees</keyword> decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said. There were speculations that the EPFO would lower interest on provident fund deposits for this fiscal (2020-21) from 8.5 per cent given in 2019-20 in view of more withdrawals and lesser contribution by members amid the coronavirus pandemic. In March last year, the EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19. The <keyword id="45027" type="COMPANY" weightage="20" keywordseo="EPF">EPF</keyword> (<keyword id="114591" type="COMPANY" weightage="20" keywordseo="Employees-Provident-Fund">Employees Provident Fund</keyword>) interest rate provided for 2019-20 was the lowest since 2012-13, when it was 8.5 per cent. The EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The EPFO had provided 8.25 per cent rate of interest on provident fund in 2011-12. KKS RAM

EPFO retains 8.5% interest rate for 2020-21

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/emergency-funds">Emergency funds</a> can prevent going into debt for unexpected expenses like a medical emergency, job loss, or family crisis.</li><li>Most Americans generally need about six months' worth of living expenses saved in an <a href="https://www.businessinsider.com/how-to-grow-your-emergency-fund">emergency fund</a>.</li><li>To build one, you can trim money from your regular spending, or set up an automatic contribution into your emergency savings account from your bank or payroll company.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>About 78% of Americans admit they're living paycheck to paycheck to make ends meet, according to a <a href="http://press.careerbuilder.com/2017-08-24-Living-Paycheck-to-Paycheck-is-a-Way-of-Life-for-Majority-of-U-S-Workers-According-to-New-CareerBuilder-Survey">survey</a> by CareerBuilder. The same survey also reported that more than one in four workers do not set aside any savings each month and three in four workers say they are currently in debt."If you have little, or worse yet, no savings accessible to you when you need it, a job loss, family crisis, or medical emergency could be disastrous to your finances," says Chris Kowalik, founder of <a href="https://profeds.com/">ProFeds</a>, a nationwide support structure for financial professionals serving federal employees."Emergencies are bound to happen, and we often have no control over that," she continues. "However, what we do have control over is being financially prepared to handle it."Having an emergency fund in place can provide peace of mind if a job loss or medical emergency occurs.Need a good place for your emergency fund? Consider these offers from our partners:<h2> Being unprepared can lead to debt</h2>Despite the name "emergency fund," unforeseen expenses happen quite often."In other words, while I wouldn't exactly call a flat tire or unexpected home repair an emergency, they can certainly be rather expensive situation," says Matthew Frankel, a certified financial planner and personal finance expert at <a href="https://www.fool.com/the-ascent/">The Ascent</a>. Having money in a readily-accessible place like a savings account allows you to take care of expenses like these without taking on high-interest debt."As an example, let's say that your car breaks down and needs $1,000 worth of repairs," continues Frankel. "If you don't have any emergency savings and put this on a credit card at 18% interest, and then pay $50 per month, you'll end up paying nearly $1,200 over the next two years." &#xa0;And, if something else unexpected happens in the meantime, you'll have to add to your debt and interest expense. "It's not difficult to see how this can lead to a cycle of debt," Frankel says.<h2>Most people need a 6-month emergency cushion</h2>In general, experts say one should aim for three to six months of expenses in an emergency fund. Only 29% of adults have that much, according to the Bankrate <a href="https://www.bankrate.com/banking/savings/quarter-of-americans-have-no-emergency-savings/">survey</a>."The key thing to remember is that something is better than nothing," says Frankel. "Even if you can build up a $500 cushion, you'll be in better shape than half of Americans. So, start by setting aside a small amount out of every paycheck - say $25 or $50. You'll be surprised how quickly it can build up."To further illustrate, if $25 a week is set aside in an emergency fund, at the end of two years, you could have $2,600 saved. If that amount is doubled to $50 a week, your emergency fund can grow to $5,200. Put $75 a week in reserve, and you will yield $7,800.Plus, if that money earns even modest interest in a high-yield savings account, which keeps your money easily accessible but earns up to 200x more interest than money stored in a traditional bank account, it can grow even faster.Read more:&#xa0;<a href="https://www.businessinsider.com/online-savings-account-high-yield-emergency-fund-2019-1">I moved my emergency fund to a high-yield online savings account, and after earning 20 times more interest I'd tell anyone to do the same</a><h2>The most important thing to start saving, no matter how you do it</h2>As always, however, saving money is easier said than done.When beginning to start an emergency fund, the first step is to free up some money to save. "One way to do this is to cut back on non-essential item such as eating out regularly or buying 'stuff' like clothes, shoes, or electronics that you don't really need," Kowalik says. That money goes straight into your emergency savings. And, until you hit that six-month mark, use any extra money you get from a bonus, pay increase, or monetary gift to help you reach your goal faster, says Kowalik.Or, you can easily set up an automatic contribution from your paycheck to go straight into emergency savings, either through your bank once your paycheck clears, or through your employer's payroll company if the company offers that service. That way, you automatically create savings discipline, says Terry Dunne, senior vice president, managing director at <a href="https://www.mtrustcompany.com">Millennium Trust Company</a>, and you don't miss the money because it gets diverted before you have a chance to spend it."As the account starts to grow, you'll probably feel a real sense of accomplishment," says Kowalik, "and you most likely won't even miss the things that you cut out of your spending,"How much could your savings grow? Find out with this calculator from our partner:Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.<div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-legendary-economist-trade-war-outlook-says-us-will-win-2018-10">WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war</a></h3> <div> </div> </div>

An emergency fund is your first line of defense against high-interest debt - and a powerful tool to provide peace of mind

New Delhi, Mar 1 () The labour ministry is keen to retain an interest rate of 8.65 per cent paid on provident fund deposits to around six crore subscribers of retirement fund body EPFO for the current financial year, a source said. The apex decision making body of Employees' Provident Fund Organisation (EPFO) -- Central Board of Trustees -- is likely to consider the rate of interest on EPF (Employees' Provident Fund) deposits in its meeting scheduled on March 5, 2020. "The proposal to provide interest rate on EPF deposits for 2019-20 may come up for consideration and approval in the Central Board of Trustees (CBT) meeting on March 5," a source said. The source further said that the ministry is keen to retain the interest rate at 8.65 per cent, as was provided in financial year 2018-19. Speculations are rife that the interest rate on EPF may be lowered to 8.5 per cent for the current fiscal, a tad lower than 8.65 per cent provided for 2018-19. According to the source, the agenda for the CBT meeting has not yet been finalised and it is difficult to predict EPFO's income projections for the current fiscal, which will be the basis for fixing the interest rate. The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes. The labour ministry requires the finance ministry's concurrence to provide a rate of interest on EPF deposits in a fiscal year. Since the Government of India is the guarantor, finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal. The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had provided 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. KKS DRR

Labour ministry keen to retain 8.65 pc interest rate on EPF deposits for 2019-20

New Delhi, Mar 5 () Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday. The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee. "The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here. Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal. The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes. The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. KKS MKJ

EPFO cuts interest rate on deposits to 8.5 pc for 2019-20

(Eds: Adding details) New Delhi, Mar 5 () Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for the current financial year. The the Employees' Provident Fund Organisation (EPFO) had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the EPFO's apex decision making body -- the Central Board of Trustee (CBT). "The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the CBT meeting today," Labour Minister Santosh Gangwar said here after the meeting. The minister also said that the EPFO will have a surplus of over Rs 700 crore on providing 8.5 per cent rate of interest on EPF for this fiscal. A ministry source said, "The EPFO would have left with a surplus of over Rs 300 crore if it had provided 8.55 per cent rate of interest on EPF for this fiscal. There would have been a deficit if the EPFO had provided a rate of more than 8.55 per cent for current fiscal." The EPF interest rate announced for the current fiscal is lowest since 2012-13, when it was 8.5 per cent. The EPFO had provided 8.65 per cent interest rate to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal. The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes. KKS MKJ

EPFO cuts interest rate on deposits to 7-year low of 8.5 pc for 2019-20

<ul><li>The Employees' Provident Fund Organisation (<keyword id="6372438" type="ORGANIZATION" weightage="20" keywordseo="epfo">EPFO</keyword>) may reportedly raise interest rates from the current level at 8.55%, but if not, the current interest rates will not be narrowed further. </li><li>According to A Mint report, the retirement body reportedly earned a surplus of nearly ₹6 billion at the existing interest rates in 2018. </li><li>On an average, the interest rate of Public Provident Fund and the National Savings Certificate in 2018 was recorded to be 7.7%, said the report.</li></ul>India’s Employees' Provident Fund Organisation (EPFO) may reportedly <a href="https://www.livemint.com/Money/Nvur6XFW8DxbSvo7FtrADJ/Bonanza-for-salaried-employees-EPF-interest-rate-hike-likel.html">raise interest rates</a> from the current level at 8.55%, move likely to benefit over 60 million employees across different industries. Though the rates are expected to go higher, but if not, the current interest rates will not be narrowed further, Mint reported citing a member of EPFO's central board of trustees. Even if the current interest rates follow, it will be a favourable decision for the salaried employees. The interest rates are floated by the EPFO in December every year. However, this year, it will be declared on 1 February because of the ongoing audit. On average, the interest rate of Public Provident Fund and the National Savings Certificate in 2018 was recorded to be 7.7%, said the report. The Indian government recently made amendments in its regulations covering its retirement schemes — including directives of making tax-free withdrawals available to employees under National Pension System (NPS) and boosting the incentives to around 50% for health workers. The new interest rates will likely be in check with such announcements. According to the report, EPFO, which manages savings of over ₹11 trillion, reportedly earned a surplus of nearly ₹6 billion at the existing interest rates in 2018. If required, EPFO may use its equity investments, which have an estimated return of around 12% annually. Presently, it has invested over ₹500 billion in stock market. See also: <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a> <a href="https://www.businessinsider.in/the-indian-government-is-looking-at-policing-online-content-on-social-media-including-breaking-end-to-end-encryption-report/articleshow/67230131.cms">The Indian government is looking at policing online content on social media including breaking end-to-end encryption: Report</a> <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-a-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a>

The Indian government may mandate higher interest rates on its retirement fund scheme: Report

<ul><li>The wait for an <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword> approved <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword> might be longer than most think, according to one fund provider that's been through the approval process.</li><li>William Cai of Wilshire Phoenix doesn't expect the SEC to approve a <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> ETF until 2022 or 2023.</li><li> "A bitcoin ETF is not on his top priority list as far as we can see," Cai said, referring to SEC chief Gary Gensler.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Anticipation for a SEC-approved <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> ETF is high, but investors shouldn't hold their breath as it may still be years away from becoming reality in the US.That's according to <a href="https://www.wshares.com/">Wilshire Phoenix</a> co-founder William Cai, who has first-hand experience in dealing with the SEC and its bitcoin ETF approval process.Cai told Insider that he doesn't expect the SEC to approve a bitcoin ETF until 2022 or 2023, even as more and more fund providers rush to submit their own applications with the regulator.There are now more than 10 bitcoin ETF applications sitting with the SEC, with Cathie Wood's Ark Invest the latest fund provider <a href="https://markets.businessinsider.com/currencies/news/cathie-wood-ark-21shares-bitcoin-etf-arkb-files-sp-index-2021-6">to submit its own application.</a>"We think they're all going to get stuck," Cai said.The SEC's rejection of the Wilshire Phoenix bitcoin ETF application in February 2020 gave the fund provider insight into what's holding up the agency in approving a highly-sought after <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> ETF in the US."The major thing is manipulation, and they're focused on the cash market, [which] is not regulated and does not trade on regulated exchanges," Cai explained. A cash market is a marketplace in which the commodities or securities purchased are paid for and received at the point of sale.The SEC is also concerned that <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> are a relatively new asset class, and are still in the process of maturing, according to Cai. Bitcoin was created in 2009. Even though Wilshire Phoenix worked on its bitcoin ETF application when Jay Clayton was Chairman of the SEC, Cai is seeing the same comments pop up in bitcoin ETF extension letters under current SEC Chairman Gary Gensler."I've seen nothing that suggests there's been a switch in their thinking," Cai said."Once it became more clear that Gensler was going to be [SEC chairman], to us it was even more of the case that [a bitcoin ETF approval] wasn't going to happen," Cai said.Part of Cai's view comes from his experience as a trader at <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> when Gensler was head of the CFTC. "He came in, and he totally regulated, to the surprise of a lot of people. He was a really strict, but fair regulator," Cai said.Gensler's current agenda at the SEC also means bitcoin is not a top priority for him for now, according to Cai."Gensler has a big item agenda on his plate already, between ESG, Robinhood and meme stocks. A bitcoin ETF is not on his top priority list as far as we can see," Cai explained.Still, while Cai is not hopeful that a bitcoin ETF will be approved by the SEC anytime soon, it will eventually happen."We believe a bitcoin ETF is good for the market, and it is going to happen," Cai said, comparing the struggles faced by early bitcoin ETFs to the first gold ETF, which sat in limbo for a while before it was approved by the SEC in 2004. In the meantime, Wilshire Phoenix is working towards receiving approval for a bitcoin trust that will likely trade on the OTC <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and compete with the popular Grayscale Bitcoin Trust.

A bitcoin ETF may not be approved by the SEC until 2023 despite surging interest, according to a fund provider that's already been through the process

As investment instruments, <keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword> (Public Provident Fund) and <keyword id="45027" type="ORGANIZATION" weightage="20" keywordseo="EPF">EPF</keyword> (Employees' Provident Fund) have a lot of things uncommon between them. Basically speaking, the decision to invest in a PPF scheme rests with the investors while EPF is automatically deducted from the salary of the salaried class of people. Both these investment options enable the investors cave on taxes. Section 80 C of the Income Tax Act of 1961 makes both <keyword id="8113458" type="UNKNOWN" weightage="20" keywordseo="PPF-and-EPF">PPF and EPF</keyword> investments eligible for a range of income tax benefits. Overview of EPF and PPF In India, two types of provident funds are popularly known namely Employees’ Provident Fund or EPF and Public Provident Fund or PPF. Under the existing regulations, EPF is automatically deducted from the salary of the salaried class individuals by their employees and paid into their respective EPF accounts maintained with the EPF department under the auspices of the Government of India. The choice to invest in a PPF scheme solely rests with the investor. This means that if you are a salaried individual, you do not have a choice not to subscribe to the EPF scheme. Hence, the deductions will be invariably made from your salary to be invested into your EPF account. But, whether you wish to invest in a PPF scheme is purely optional. EPFO or Employees Provident Fund Organization is a retirement fund body that governs the EPF scheme. PPF scheme is offered by the Government of India through banks and post offices. How do these schemes compare Interest rates The government decides the interest rate of PPF year on year depending on several factors related to the country’s economy. Over the past several years, the interest rate of EPF contributions had never come down below 8.5 percent. The government decides the interest rates of PPF during every quarter. For the quarter ending in June 2018, the interest rate for PPF investments was fixed at 7.6% for example. Since the PPF investments come under the Exempt, Exempt, Exempt category, the returns are completely exempt from taxes. The principal amount, the maturity amount and the benefits earned on the investment are all qualified for tax exemption. How the EPF and PPF schemes operate If an individual works with a company that has more than 20 people on its rolls, EPF deduction is compulsory. The salaried employee contributes about 12 percent from their monthly salary towards EPF. The employer has to contribute an equal share of 12 percent which will be deposited in the employee’s account along with the employee’s contribution. Any citizen who is a resident of India can open a PPF account. To open a PPF account it is not necessary that the individual must be a salaried person. Members of Hindu Undivided Families (HUF) cannot open a PPF account. The tenure of investment in case of a PPF account is 15 years. Once this period expires, the investment can be extended for another 5 years. From the third financial year of opening the account, the investor can take a loan from the PPF account. From the seventh financial year, the investor can make partial withdrawals from this account.

You Searched For "provident fund interest" and got 12 results

Employees' provident fund interest rate fixed at 8.15% for 2022-23

ANI

Your PF will now earn interest, even if your employer has stopped contributing to it

BI India Bureau

10 best tax-saving investments

Economic Times

Kisan Vikas Patra Vs Public Provident Fund(PPF) which is better?

BI India Bureau

EPFO retains 8.5% interest rate for 2020-21

PTI

An emergency fund is your first line of defense against high-interest debt - and a powerful tool to provide peace of mind

Erica Lamberg

Labour ministry keen to retain 8.65 pc interest rate on EPF deposits for 2019-20

PTI

EPFO cuts interest rate on deposits to 8.5 pc for 2019-20

PTI

EPFO cuts interest rate on deposits to 7-year low of 8.5 pc for 2019-20

PTI

The Indian government may mandate higher interest rates on its retirement fund scheme: Report

BI India Bureau

A bitcoin ETF may not be approved by the SEC until 2023 despite surging interest, according to a fund provider that's already been through the process

Matthew Fox

What is the difference between PPF and EPF

BI India Bureau

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