New Delhi: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5% for the current financial year, said Labour Minister Santosh Gangwar on Thursday.The EPFO had provided 8.65% rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the Employees’ Provident Fund Organisation’s (EPFO) apex decision-making body — the Central Board of Trustees.“The EPFO has decided to provide 8.5% 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.Also Read: Watch | Budget 2020 Failed to Admit Gravity of Economic Distress: Naushad Forbes Tells Karan ThaparThe EPFO had provided 8.65 % rate of interest to its subscribers for 2016-17 and 8.55% in 2017-18. The rate of interest was slightly higher at 8.8% in 2015-16.It had given 8.75% rate of interest in 2013-14 as well as 2014-15, higher than 8.5% for 2012-13.