The Employees' Provident Fund Organisation (EPFO) on Saturday decided to give 8.5 percent interest on provident fund deposits of 4.5 crore subscribers.

The decision to recommend 8.5 percent interest rate, the same as the last fiscal, to the Finance Ministry was taken by EPFO's Central Board of Trustees (CBT).

The CBT, the apex policy making body of EPFO, decided to retain the interest rate at the existing level at a meeting which was chaired by Union Labour Minister M Mallikarjun Kharge.

Payment of 8.5 percent interest rate on provident fund deposits, which are of the order of Rs 1.82 crore, is expected to leave a surplus of Rs 6.4 crore during the current fiscal.