Section 11(2) in State Bank of India Employees Provident Fund Regulations, 2015
(2)Every member shall be allowed interest at a rate fixed annually by the Executive Committee for the year ending on each the 31st day of March provided that the rate so fixed shall not be less than either-(a)one half percent above the average standard rate (adjusted up or down to the interest one quarter per cent) quoted by the bank for new deposits fixed for twelve months in the preceding year (ending on the preceding the 31st day of March); or(b)three percent per annum.The account of each member shall be credited with interest at that rate half-yearly on sums standing to the trustees' credit.
