New Delhi, 4/3 (AO Bureau) : The Employees’ Provident Fund Organisation (EPFO) on Thursday announced that the interest rates on Provident Fund deposits will remain unchanged at 8.5%.
Rumors were doing the rounds about the lower interest on provident fund deposits due to the economic downfall and coronavirus pandemic.
The decision was taken at the 228th meeting of the Central Board of Trustees, held in Srinagar under the chairmanship of Santosh Kumar Gangwar, Union Minister of State for Labour and Employment.
“The Central Board recommended 8.50% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2020-21. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into the subscribers’ accounts,” the board said in a statement.
Last year, EPFO had reduced the interest rate on provident fund deposits to 8.5 percent for 2019-20.