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Minister for increasing SDS interest rate

Oscar Fernandes

NEW DELHI: Union Minister of State for Labour and Employment Oscar Fernandes will ask the Finance Ministry to raise the rate of interest on the Special Deposit Scheme (SDS) to provide higher returns to the provident fund subscribers.

A bulk of the provident fund money is invested in the SDS at an interest rate of 8.5 per cent per annum.

Talking to reporters on the sidelines of a function here on Tuesday, Mr. Fernandes said that he would make a representation before the Prime Minister and the Finance Minister in this regard.

Nearly 80 per cent of the retirement money of Employees Provident Fund of over four crore subscribers are parked in SDS. Denying that the government would investment the EPF money in stock market, he said there was a laid down policy on investment of the money. “We can only invest in government securities, State government securities and the public sector. We cannot invest in anything else,” he said.

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