EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
The retirement fund manager EPFO is likely to hike the cap on investment in bonds of highest rated public sector undertakings, banks and financial institutions on the lines of the insurance sector to earn better returns.
An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.
Trade unions' had demanded 8.9 per cent interest rate.
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EPFO had paid 8.5 per cent interest rate to subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12 fiscal.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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