EPFO cuts interest rate on EPF to 8.10% for FY22 (Representational Image)
EPFO Interest Rate: EPFO cuts interest rate on EPF for FY22 to 8.10%; know the details
- Last Update:March 12, 2022 at 12:32 pm IST
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EPF Interest Rate 2021-22: The Employees’ Provident Fund Organization (EPFO) on Saturday decided to pay 8.1 per cent interest on provident fund deposits for the current financial year 2021-22, sources told CNBC-TV18. was decided in EPFOCentral Board of Trustees meeting today.
Earlier, the retirement body kept the interest rate on provident fund deposits unchanged at 8.5 per cent for the financial year 2020-21, despite substantial withdrawals in view of the impact of Covid on people’s financial resources. The retirement fund body saw higher withdrawals and lower contributions post the Covid-19 pandemic. Till December 31, EPFO had settled 56.79 lakh claims worth Rs 14,310.21 crore provided under advance facility.
Earlier, the EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20. The interest rate in 2018-19 was 8.65 per cent. EPFO had provided 8.55 per cent interest rate to its subscribers for 2017-18. The interest rate in 2016-17 was 8.65 per cent.
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