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Govt approves 8.5% interest rate on EPF for FY21
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The finance ministry has approved an 8.5% return on employees’ provident fund (EPF) deposits for 2020-21, a move that will impact over 6.4 crore subscribers. The rate was the same for 2019-20. The labour ministry will now notify the interest rate before the EPFO starts crediting the same into individual accounts. The entire exercise may take a maximum of 30 days to complete from the date the rate is notified, a senior EPFO official said.
EPFO’s highest-decision making body, the Central Board of Trustees (CBT), had in March suggested the rate. Keeping a small amount as surplus, EPFO distributes each year the lion’s share of its income from investments as returns to its subscribers on their accumulated deposits. EPFO does not take money from
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