Employees’ Provident Fund Organisation (EPFO) has finalized the interest rates on provident fund deposits for 2020-21 at 8.5%. EPFO is expected to credit 8.5% interest for the financial year 2020-21 till the end of July.
According to sources, the interest amount is likely to be credited to the accounts of subscribers by end of July 2021, however, the exact date is not yet clear. Labour Ministry had given a green signal to the proposal in this regard, the report stated.
EPFO had, during the meeting of its Central Board of Trustees in March 2021, decided to keep the interest rate for 2020-21 unchanged at 8.5%. In 2019-20 also the interest rate was at 8.5%.
Due to the Coronavirus pandemic, EPFO had cut down the interest rate to a seven-year low of 8.5% for 2019-20 last March.
In 2018-19, the rate of interest was 8.65%, while it was 8.55% in 2017-18.
The EPFO’s trustees meet every year in March to finalize the interest rate for the ongoing fiscal after evaluating its deposits
