Interest Rate on EPF Deposits to be Decided Next Month

 

Union Labor Minister has informed that “the Employees’ Provident Fund Organization (EPFO) CBT meeting will be held in Guwahati in March where proposal for interest rate for 2021-22 would be listed as it is end of the fiscal year.”

In its meeting next month, the Central Board of Trustee (CBT) will take a call on interest rate on EPF deposits for 2021-22. While the decision would be taken on the basis of income projection for the financial year.

The prevailing rate of 8.5% interest on EPF deposits for 2020-21 was decided by the CBT in March 2021. It was ratified by the Finance Ministry in October 2021 and thereafter, EPFO issued directions to field offices to credit the interest income at 8.5 per cent for 2020-21 into the subscribers’ account.

However, in March 2020, EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19. The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent.

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