New Delhi. The Employees Provident Fund Organization (EPFO) can declare interest rates on EPF (EPF Interest Rates) for the financial year 2020-21 on 4 March 2021. Actually, on this day, the Central Board of Trustees (CBT) has a meeting in Srinagar. In this meeting, the earnings and financial situation of EPFO will be examined. It is also expected to decide on the proposal to announce the interest rate for the financial year 2020-21 in this meeting. It is believed that in the wake of Corona crisis, the organization can shock 6 crore subscribers by reducing interest rates on EPF.
Market conditions are bad, can not withdraw money from some place
The board recently said that subscribers will be paid 8.50 percent interest rate in two installments by the end of 31 March 2021. Subscribers will be paid 8.15 percent interest in the first installment and 0.35 percent interest in the second installment. The EPFO had said that 8.50 per cent interest would be derived from the sale of 8.15 per cent debt income and 0.35 per cent ETF. Member of the EPFO Board, Vrijesh Upadhyay said that there will be no cut in the interest rates for the financial year 2019-20, but in the current situation it will be repaid in two installments. He said that some investments cannot be withdrawn at the moment because the market conditions are bad.
why the rate can be reduced on the Employees Provident Fund
Kei Raghunathan, a trustee of the EPFO, recently said that he has received information about the CBT meeting in Srinagar on 4 March. The agenda of the meeting is coming soon. However, he said that there was no mention of the discussion on the interest rate in the e-mail related to the information of the meeting. Meanwhile, speculations are being made that EPFO may reduce the interest rate on the Employees Provident Fund for the financial year 2020-21. Explain that the interest rate on provident fund for the financial year 2019-20 was 8.5 percent. It is believed that in the midst of corona crisis, a decision can be taken to reduce interest due to higher withdrawal from PF and less contribution.
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had been reduced in 2020 7 years of the lowest interest
EPFO March 2020 fiscal year 2019-20, the fund reduced the interest rate on deposits to 8.5 in Percentage. This is the lowest interest in the last seven years. Earlier in 2012-13, interest rates were at 8.5 per cent. Subscribers received 8.65 per cent interest on PF deposits in the financial year 2018-19. The EPFO had paid 8.65 per cent interest on PF deposits for 2016-17, 8.55 per cent for 2017-18 and 8.8 per cent for 2015-16. At the same time, 8.75 percent interest was paid on PF deposits in 2013-14, which was more than 8.5 percent for the financial year 2012-13.
