‘Govt OKS 8.5% interest rate for provident funds for the last fiscal’ – News2IN
India

‘Govt OKS 8.5% interest rate for provident funds for the last fiscal’

'Govt OKS 8.5% interest rate for provident funds for the last fiscal'
Written by news2in

New Delhi: The government has approved an interest rate of 8.5% of employees’ funds for the Fiscal Year 2020-21, said the source.
The interest rate of 8.5% on the provider’s fund deposit for the last financial year was decided by the EPFO ​​decision-making agency, the Supervisory Council (CBT) led by the Minister of Labor in March this year.
A source said on Friday, “The interest in EPF for 2020-21 has been ratified by the Ministry of Finance and will now be credited into the account of more than five crore customers.” In March last year, the EPFO ​​has lowered interest rates on invelent fund deposits to seven-year low of 8.5% for 2019-20, from 8.65% in 2018-19.
The EPF interest rate (provident fund) provided for 2019-20 is the lowest since 2012-13, when it was brought to 8.5%.
EPFO has provided an interest rate of 8.65% to its customers in 2016-17 and 8.55% in 2017-18.
The interest rate is slightly higher at 8.8% in 2015-16.

About the author

news2in