EPFO Keeps Interest Rates On Provident Fund Deposits Unchanged at 8.5% For FY 20-21

New Delhi: The Employees’ Provident Fund Organisation (EPFO) on Thursday kept interest rate on provident fund unchanged at 8.5 percent for 2020-21, the same rate fixed for the last fiscal 2019-20. Also Read – Your Salary Hike This Year May Not Lead to Increase in Take-Home Pay| Here’s Why

The Central Board of Trustees (CBT), which takes the main decision regarding provident fund, met in Srinagar on Thursday. However, there were wide speculations that because of the economic slowdown throughout 2020 due to coronavirus pandemic, the EPFO may lower the interest rates on provident fund deposits. Also Read – Provident Fund: Simple Ways to Access And Download Account Details Using UMANG App

“The Central Board of Employees’ Provident Fund Organisation (EPFO) recommends 8.50% rate of interest to its subscribers for year 2020-21, the Ministry of Labour and Employment said in a statement. Also Read – Want Name Correction, Profile Change in Provident Fund? Check EPFO’s New Guidelines

The ministry further added that the FDI equity inflow grew by 40% in the first 9 months of FY 2020-21 (USD 51.47 billion) compared to the year-ago period (USD 36.77 billion).

The EPFO had last year in March lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent in 2018-19.