Finance
By: Shree1news, 08 JUN 2021
With the Employees’ Provident Fund Organisation (EPFO) having finalised the rates of interest on provident fund deposits for 2020-21 at 8.5 per cent, the retirement body is likely to credit the interest amount within the accounts of its subscribers by July, 2021.
Sources with the EPFO stated 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, through the meeting of its Central Board of Trustees in March 2021, determined to keep the rate of interest for 2020-21 unchanged at 8.5 per cent. In 2019-20 also the rate of interest was at 8.5 per cent.
Because of the Coronavirus pandemic, EPFO had cut down the rate of interest 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, whereas it was 8.55 per cent in 2017-18.
The EPFO’s trustees meet every year in March to finalise the rate of interest for the ongoing fiscal after evaluating its deposits.
Source:A-N
visit at: www.shree1news.com
