(a) whether the State Bank of India (SBI) delivers lower return on the Employees
Provident Fund (EPF) as compared to its private competitors; and
(b) if so, the details thereof and the reasons therefor?
(a) whether the State Bank of India (SBI) delivers lower return on the Employees
Provident Fund (EPF) as compared to its private competitors; and
(b) if so, the details thereof and the reasons therefor?
The Minister of State in the Ministry of Finance (Shri Namo Narain Meena)
(a) & (b) : Even after the introduction of the scheme of Multiple Fund Managers on
17.09.2008,State Bank of India (SBI) generated the best return of 9.14% on
Employees Provident Fund Organization(EPFO) Funds for the period ending
31.03.2009.The yield for the period ended 30.9.2009 was lower,however,since SBI
invested more in Government securities and State Development Loans.During the
remaining period of the financial year,SBI intends to invest in Public Sector
Undertakings and Private Sector Bonds,which would give a better yield improving the
overall return on EPFO Funds.