8.5% Interest Payout to be credited to the subscribers’ bank accounts by next month, July 2021
Employees’ Provident Fund Organisation (EPFO) has finalized the interest rates on provident fund deposits for 2020-21 at 8.5 per cent. The retirement body EPFO is likely to credit the interest amount in the accounts of its subscribers by July 2021.
According to Sources, the interest amount is likely to be credited to the subscribers’ bank accounts by next month, July 2021, however, the exact date is not yet clear.
During the meeting of Employees’ Provident Fund Organisation (EPFO), the central board of trustees of EPFO have retained the interest payout on provident fund deposits at 8.5% for 2020-21.
The EPFO’s trustees meet every year in March to finalize the interest rate for the ongoing fiscal after evaluating its deposits
In 2019-20 also the interest rate was at 8.5 per cent for 60 million subscribers of the Employees’ Provident Fund Organisation.
In 2018-19, the rate of interest was 8.65 per cent, while it was 8.55 per cent in 2017-18.
Due to the Coronavirus pandemic, EPFO had cut down the interest rate to a seven-year low of 8.5 per cent for 2019-20 in last March.
