The EPFO Central Board of Trustees will meet in Srinagar on March 4, to announce the interest rates on PF for the financial year 2020-21.
More than 6 crore subscribers of Employees Provident Fund Organization (EPFO) are eagerly awaiting the announcement of PF interest rates on PF Deposit.
Now their wait is about to end. The Central Board of Trustees (CBT) meeting of the EPFO will be held in Srinagar tomorrow i.e. March 4, 2021, which may announce the interest rates on the Provident Fund for the financial year 2020-21. However, this year EPFO subscribers may get a shock.
It is estimated that the interest rates on provident fund deposits for FY 2020-21 may be lower, which was 8.5 per cent for 2019-20. Because the economy has declined due to COVID-19.
Let us tell you that the interest rate on PF for 2019-20 is the lowest level after 2012-13. In 2018-19, EPFO paid interest to subscribers at the rate of 8.65%.
The Employees Provident Fund Organization declares an interest rate on the PF amount for each financial year. Announcing the interest rates for the financial year 2019-20, the board had said that it would pay 8.5 per cent interest in two installments in the financial year ended 31 March.
In the first installment, 8.15% will be paid from Debt Instrument and in the second installment 0.35% interest will be paid from Equity.
Subscribers got 8.55% for FY 2017-18, 8.65% for 2016-17. At the same time, the interest rate was 8.8% in 2015–1 6 and it was 8.75% in 2013–14.
