EPFO (Employees’ Provident Fund Organisation) is likely to credit the Employees Provident Fund (EPF) interest to accounts of its subscribers very soon, it has been confirmed in a tweet.
As per the reports, earlier, the retirement body EPFO was expected to credit the interest amount to the EPF accounts by end of July 2021 for FY 2020-21 but there is a delay in depositing the interest amount to subscribers EPF accounts.
Responding to the queries posted by Mr. Ashok K Malhotra, the Employees’ Provident Fund Organisation said that the process is in pipeline and may be shown there very shortly.
“The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience,” EPFO tweeted.
The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience.
— EPFO (@socialepfo) August 10, 2021
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.
Also Read: TCS iON offers a 15-day free digital certification program
EPFO members can view their account balance and EPF statement through ‘Umang’ mobile application. Go to employee-centric services and click on view passbook. You can enter your UAN and OTP sent on the registered mobile number to view your balance in Employee Provident Fund.
