EPFO had decided to keep interest rate for 2020-21 unchanged at 8.5 per cent
With the Employees’ Provident Fund Organisation (EPFO) having finalised the interest rates on provident fund deposits for 2020-21 at 8.5 per cent, the retirement body is likely to credit the interest amount in the accounts of its subscribers by July, 2021.
Sources with the EPFO said that the interest amount is likely to be credited in the accounts of subscribers by next month, however the exact date is not yet clear.
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 per cent. In 2019-20 also the interest rate was at 8.5 per cent.
Due to the Coronavirus pandemic, EPFO had cut down the interest rate to a seven-year low of 8.5 per cent for 2019-20 in last March.
In 2018-19, the rate of interest was 8.65 per cent, while it was 8.55 per cent in 2017-18.
The EPFO’s trustees meet every year in March to finalise the interest rate for the ongoing fiscal after evaluating its deposits.