New Delhi: The government has approved 8.5 percent interest rate on employees. Provident Fund For the 2020-21 financial year, a source said.
This is a good news for over 50 million customers, just before Diwali. Employees Provident Fund Organization (EPFO)
The rate of interest at 8.5 per cent on provident fund deposits for the previous financial year was fixed by the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, headed by the Labor Minister in March this year.
“The Finance Ministry has confirmed the interest rate on EPF for 2020-21 and now it will be credited to the accounts of over five crore customers,” a source said on Friday.
In March last year, the EPFO had reduced the interest rate on provident fund deposits from a 7-year low of 8.5 per cent for 2019-20 to 8.65 per cent in 2018-19.
The EPF (Employees’ Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was reduced to 8.5 per cent.
EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The interest rate was slightly higher at 8.8 per cent in 2015-16.
It had paid 8.75 per cent interest in 2013-14 as well as 2014-15, which is higher than 8.5 per cent in 2012-13. In 2011-12, the interest rate on provident funds was 8.25 per cent.
This is a good news for over 50 million customers, just before Diwali. Employees Provident Fund Organization (EPFO)
The rate of interest at 8.5 per cent on provident fund deposits for the previous financial year was fixed by the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, headed by the Labor Minister in March this year.
“The Finance Ministry has confirmed the interest rate on EPF for 2020-21 and now it will be credited to the accounts of over five crore customers,” a source said on Friday.
In March last year, the EPFO had reduced the interest rate on provident fund deposits from a 7-year low of 8.5 per cent for 2019-20 to 8.65 per cent in 2018-19.
The EPF (Employees’ Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was reduced to 8.5 per cent.
EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The interest rate was slightly higher at 8.8 per cent in 2015-16.
It had paid 8.75 per cent interest in 2013-14 as well as 2014-15, which is higher than 8.5 per cent in 2012-13. In 2011-12, the interest rate on provident funds was 8.25 per cent.
.