EPF Deposits Interest Rate: With the help of old age, money deposited in Provident Fund can get less interest in this financial year.
EPF Deposits Interest Rate: The money deposited in the Provident Fund with the help of old age can get less interest in this financial year. Retirement fund body EPFO today (March 12) has decided to reduce the interest rates on PF deposits for the financial year 2021-22. According to the information received from the sources, in the current financial year, interest at the rate of 8.1 percent will be available on the money deposited in the PF account, which is the lowest in 44 years since 1977-78. In 1977-78, the interest rate of EPF was at 8 per cent. In the last financial year 2020-21, it was at 8.5 per cent. EPFO has about 40 million subscribers.
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Finance Ministry’s approval yet to be received
According to sources, the Central Board of Trustees (CBT), the apex decision-making body of EPFO (Employees Provident Fund Organization), in its meeting today, decided to pay 8.1 percent interest on EPF for the financial year 2022. Now after the decision of CBT, the decision taken regarding the interest rate on EPF will be sent to the Finance Ministry. Then the EPFO notifies the interest rate only after getting the approval of the government. In March last year, the CBT had decided an interest rate of 8.5 per cent on EPF deposits for the financial year 2021 and then it got the approval of the Finance Ministry in October 2021 after which the EPFO has asked the field offices to credit the interest to the subscribers’ account. instructions were given.
(Input: PTI)
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