Wednesday, April 14, 2021

The interest rate on EPF deposits remains unchanged

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Prime Time Zone, Webdesk: The Employees Provident Fund Organization (EPFO) has decided to keep the interest rate on Employees Provident Fund (EPF) deposits at 8.5 per cent for the current financial year (2020-21). The Central Board of Trustees approved the latest interest rate after estimates on earnings and financial conditions. However, the board made it clear that it would continue to cut interest rates to 8.3 per cent this fiscal, despite speculation that it would be cut to 8.3 per cent this year. EPF subscribers withdrew heavily due to the corona epidemic last year.

Deposits declined in this order. By December, 2020, about 2 crore EPFO ​​customers will be worth Rs. It is estimated that Rs 73,000 crore has been withdrawn. It is likely to grow further by the end of the current financial year. In 2018-19, the interest rate was 8.65 per cent, up from a total of Rs. 81,000 crore subscribers withdrew cash. Meanwhile, the Finance Minister has revealed a key decision on the EPF in the Union Budget for the financial year 2021-22. The share of employees in a year is Rs. Nirmala Sitharaman clarified that if the interest exceeds Rs 2.5 lakh, it will be taxed.

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