The Finance Ministry has approved higher interest of 9.5 per cent for depositors with the Employees' Provident Fund Organisation for the year 2010-11. A recommendation to this effect was made by the EPF Board earlier. The Central Provident Fund Commissioner Samirendra Chatterjee said in New Delhi that Finance Ministry ratified the proposal of the board which will benefit 4.7 crore people. The Employees Provident Fund Organisation had been paying 8.5 per cent interest on the PF since 2005-06. Mr. Chatterjee said that the calculations regarding 1731 crore rupees surplus in the Interest Suspense Account were found correct by the Finance Ministry and so they approved the higher rate of return.