EPF Interest Rate The Central Board of EPFO had recommended 8.5 percent interest rate for the financial year 2020-21.
EPFO Interest Rate . Employees’ Provident Fund Organization (EPFO) may announce a big gift to EPFO account holders before Diwali. According to the information received, EPFO can pay the interest due for the financial year 2021-22 before Diwali. According to media reports, this will be the first time that along with the payment of increased dearness allowance and dearness relief to government employees and pensioners, EPFO members will also get money.
Central Board approves interest rates
It is worth noting that the Central Board of EPFO has approved the interest rates and now the EPFO organization has sought approval from the Finance Ministry and it is expected that it can be approved soon. An official associated with the organization said that approval has been sought from the Finance Ministry to pay interest with 8.5 percent interest rate for the financial year 2020-21. Significantly, taking approval from the Finance Ministry is part of a protocol. The organization cannot pay interest without the approval of the EPFO ministry.
Account holders will get 8.5% interest
The Central Board of EPFO had recommended an interest rate of 8.5 percent for the financial year 2020-21. Significantly, in the previous financial year, the EPFO earned Rs 70,300 crore, which includes Rs 4,000 crore received from selling a part of its equity investments. Significantly, the 8.5 per cent interest rate on PF is much higher than other provident funds such as General Provident Fund (GPF) and savings schemes such as Public Provident Fund (7.1 per cent) and National Savings Certificate (6.8 per cent).
How to check EPFO balance through SMS
EPFO subscribers can also check their EPF account balance by sending SMS. Send a message by writing “EPFOHO UAN ENG” to the number 7738299899. On receiving the SMS, EPFO sends you the PF account balance information immediately.
Check your PF balance by missed call
EPFO has also given the facility of Missed Call to check balance. EPFO account holders can check balance by giving a missed call on 011-22901406 number from their registered mobile number. It is very important for the EPFO subscriber to be registered with the PF account. Whereas EPFO member should be linked in UAN, KYC details.
