It is anticipated that EPFO may cut the interest rate on EPF deposits for the financial year 2020-21.
New Delhi. Retirement fund body EPFO can announce the interest rate on the provident fund deposit for the financial year 2020-21 on 4 March. On this day, the Central Board of Trustees will meet in Srinagar. Sources said the Employees Provident Fund Organization (EPFO) may announce the interest rate for the financial year 2020-21 at the Central Board of Trustees (CBT) meeting to be held on 4 March.
Speaking to news agency PTI, a trustee of EPFO , Kei Raghunathan said that on Monday itself they have received information that the next meeting of CBT will be held in Srinagar on 4 March and the agenda of this meeting will also be sent to everyone soon. He said that no information has been provided in the preliminary information mail to discuss the interest rate fix for 2020-21.
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It is speculated that EPFO may cut interest rate on EPF deposits for the financial year 2020-21. An 8.5 percent interest rate has been announced for the financial year 2019-20 and millions of shareholders have not yet received the interest amount in their account.
Sources said that due to corona virus epidemic, the withdrawal and reduction of contribution by members in the financial year 2020-21, due to which the rate of interest could be cut this time.
In March last year, EPFO reduced the rate of interest on deposits with EPF to 8.5 percent for 2019-20, which was the lowest rate in the last seven years. Earlier, 8.65 percent interest was paid in 2018-19. The interest rate on EPF in 2019-20 is the lowest at 8.5 percent after 2012-13.
The EPFO paid 8.65 percent interest to its shareholders for 2016-17. The rate of interest in 2017-18 was 8.55 percent. In 2015-16, 8.8 percent interest was paid to the shareholders. In 2013-14 and 2014-15, the EPFO paid 8.75 percent interest. In 2012-13, 8.5 percent interest rate was paid to the shareholders.
