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EPFO may credit 8.5% interest in accounts by July: Report

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The Employees' Provident Fund Organisation (EPFO) had on March 4, 2021 said the interest rate for FY21 is unchanged at 8.5 percent.

In March 2020, the EPFO reduced the interest rate on PF deposits to a seven-year low of 8.5 percent for fiscal year 2019-20. [Representative image]


In March 2020, the EPFO reduced the interest rate on PF deposits to a seven-year low of 8.5 percent for fiscal year 2019-20. [Representative image]

The Employees' Provident Fund Organisation (EPFO) may credit the interest amount on PF deposits in 2020-21 at the 8.5 percent rate into subscribers' accounts by July, NDTV has reported.

The report did not specify a particular date by which the interest amount would be credited into subscribers' accounts.

The retirement fund manager, on March 4, said the interest rate for FY21 was unchanged at 8.5 percent.

The decision was taken at a meeting of the EPFO's Central Board of Trustees, held in Srinagar under the chairmanship of Union Labour Minister Santosh Kumar Gangwar, as per the report.

Read Also:- How To Start Investing in The Stock market

In March 2020, the EPFO reduced the interest rate on PF deposits to a seven-year low of 8.5 percent for fiscal year 2019-20, from 8.65 percent in FY19.

During the Budget for FY22, Finance Minister Nirmala Sitharaman said interest on PF deposits will be taxed if the annual contribution is more than Rs 2.5 lakh.

Article Source :- Moneycontrol

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