Big bonanza for 6 crore PF subscribers, 8.5% interest rate to be credited in account by July end

As per sources, the Labour Ministry had given a go-ahead to the proposal in this regard and interest will be credited into beneficiaries account by July end itself.

New Delhi: Employees Provident Fund Organisation (EPFO) has a big bonanza in store for around 6 crore EPF subscribers. The retirement fund body is reportedly planning to credit 8.5 percent interest for FY21 in the accounts of the PF Subscribers.

Media reports quoting sources said, the Labour Ministry had given a go-ahead to the proposal in this regard and interest will be credited into beneficiaries account by July end itself.  

It may be recalled that EPFO's apex decision-making body Central Board of Trustees decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in March this year. While in March last year, the EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.

The EPF (Employees Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was 8.5 per cent. The EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The EPFO had provided 8.25 per cent rate of interest on provident fund in 2011-12.