EPFO to credit first installment of 8.5% interest to its subscribers by Diwali
According to media reports, Employees’ Provident Fund Organisation (EPFO) is likely to credit the first installment of the 8.5% interest for the financial year 2019-20 to its subscribers by Diwali.
The EPFO central board in September had announced that it would credit 8.5% interest on employees provident fund (EPF) for 2019-20 in two installments. The interest rate is divided into 8.15% and 0.35%. The government-managed fund may transfer 8.15% interest by Diwali, the rest of the 0.35% is likely to be credited by December 2020.
The decision to divide the 8.5 percent interest into two installments was taken due to market volatility that affected the EPFO’s income from equity investments.
The EPFO beneficiaries can check whether interest gets credited to their account by either go to EPFO website or download the UMANG app from the Google Play Store or iOS store to check their passbook.
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