Thursday 28 October 2021
- Advertisement -
HomeEconomyEPF interest rate: Govt backstabbing honest taxpayers, says Cong

EPF interest rate: Govt backstabbing honest taxpayers, says Cong


New Delhi: The Congress today accused the Narendra Modi government of “backstabbing” honest taxpayers by lowering the interest on EPF.

The party also alleged that it the government was indulging in “organised fleecing” and “legalised pilferage”.

Congress communications in-charge Randeep Surjewala said that the prime minister had promised to bring ‘achhe din’ (good days), but in the last four years, his actions have only brought ‘burre din’ (bad days) to the people of the country.

“Post the colossal loss of almost Rs 30,000 crore ‘loot’ and scams being unravelled in the past seven days, the Modi government has once again backstabbed the common people and honest taxpayers of the by reducing the rates on EPF from 8.65% to 8.55%,” he said.

The Congress leader claimed that post 2014-15, this was the second such reduction and the interest on EPF has now been reduced twice from 8.75% (in 2014-15) now to just 8.55%.

Earlier in December 2017, he said the Centre had cut the interest on small savings schemes, including the Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patra, by 0.2% points for the January-March quarter.

“Since Modi came to power in 2014, his government has indulged in a systematic reduction of rates which have extinguished the savings of crores of common people,” he said.

Surjewala said in a statement that the interest for savings bank account which was 4% in May 2014 was now 3.5%.

He claimed that by reducing 0.5% rate, the depositors of Bank of India, India’s largest public sector bank, have to face a cut of Rs 4,700 crore per year in their hard earned savings.

Surjewala said interest for saving in PPF has been reduced from 8.7% (in May 2014, during the Congress-UPA) to just 7.6% effective from January. This has adversely affected nine crore, such depositors, he claimed.

“Modi had promised ‘Achhe Din’, but in the last four years, his actions have only resulted in ‘Bure Din’ for India’s people. Only one year is left now, and people of India are surely readying to give a resounding answer to Modi government’s anti-people policies,” he said.

The Congress leader also recalled the multiple new bank charges that the Centre had levied from time to time, including that on withdrawal of their own money and for using ATMs.


Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -