Saturday, 04 December 2021

Government set 8.5% interest rate on EPF for FY21

Government set 8.5% interest rate on EPF for FY21

A source said the government approved an 8.5% interest rate on employees' provident funds for the 2020-21 fiscal year.

Just ahead of Diwali, this is a piece of good news for over five crore subscribers of the Employees Provident Fund Organisation (EPFO).

The 8.5% rate of interest on provident fund deposits for the last financial year was decided by the EPFO's apex decision-making body Central Board of Trustees (CBT), headed by the Labour Minister in March this year.

On Friday, a source said, "The rate of interest on EPF for fiscal year 2020-21 has been confirm by the Ministry of Finance and now it would be credited into the account holder of over five crore EPF holder." In March last year, the EPFO had dropped down the interest rate on provident fund deposits to a seven-year low of 8.5 % for 2019-20, from 8.65% in 2018-19.

8 5 interest rate on EPF for FY21 1Twitter image : @LabourMinistry

Read More: Retail inflation of India drops to 4.35% in September

The EPF (Employees Provident Fund) interest rate for 2019-20 was the lowest since 2012-13 when it was brought down to 8.5%.

The EPFO had provided an 8.65% interest rate to its subscribers in 2016-17 and 8.55% in 2017-18. The rate of interest was marginally higher at 8.8 % in 2015-16.

It had given an 8.75% interest rate in 2013-14 and 2014-15, higher than 8.5 % for 2012-13. The rate of interest was 8.25% on the provident fund in 2011-12.

Follow Us

Popular Post

Man Utd manager Ralf Rangnick delayed untill Mid December

Man Utd manager Ralf Rangnick delayed untill Mid December

Azhar Shaikh Dec 01, 2021 Football

Due to a setback in securing a work visa, it got said that Ralf Rangnick could get forced to wait until mid-December to start his role as Manchester U...