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

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

June 09, 2021 / 11:02 AM IST
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.

Moneycontrol could not independently verify the story.

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.

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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.

"People must appreciate that the government has maintained the rate of interest for 2020-21 despite a huge economic downturn due to COVID-19," Virjesh Upadhyay, EPFO Board Member and General Secretary of Bharatiya Mazdoor Sangh told Moneycontrol.

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.

 
Moneycontrol News
first published: Jun 9, 2021 09:56 am

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