Modi govt’s bumper Diwali gift to PF subscribers! Finance Ministry approves 8.5% PF interest rate for FY21

New Delhi: Bringing cheers to six crore beneficiaries of Employees’ Provident Fund (EPFO) forward of Diwali, the Finance Ministry on Friday authorized 8.5 % rate of interest on provident fund (PF) deposits for 2020-21. 

EPFO will quickly begin crediting it into the beneficiary account. It could also be recalled that in March 2021, the EPFO apex decision-making physique Central Board of Trustees determined to repair 8.5 per cent charge of curiosity for 2020-21 at its assembly in Srinagar.

“The Central Board of Trustees (CBT) recommended 8.50 per cent annual rate of interest to be credited on EPF accumulations in members” accounts for the financial year 2020-21,” a labour ministry assertion mentioned.

As per the apply, the CBT resolution on rate of interest is being to the finance ministry for concurrence. Now, after getting the finance ministry”s nod, the 8.5 per cent charge of curiosity for this fiscal can be credited into the EPFO subscribers.

The rate of interest can be formally notified within the authorities gazette following which the EPFO would credit score the speed of curiosity into the subscribers’ accounts.

The assured fastened return method of the EPFO, introduced by the CBT yearly, together with the tax exemptions makes it a sexy selection for traders, offering them with robust social safety within the type of provident fund, pension and insurance coverage schemes.

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