EPF interest rate 2020-21: Another decline? Check Provident Fund interest rate history
FY21 may see yet another decline in Employees’ Provident Fund (EPF) interest rate, as per Zee Business sources, amid declaration of interest rate on EPF deposits for 2020-21. Speculation is rife that the EPFO may lower interest on provident fund deposits for this fiscal (2020-21), from 8.5 per cent it provided for 2019-20,in view of more withdrawals and lesser contribution by members during this fiscal mainly due to the COVID-19 pandemic. Retirement fund body EPFO is likely to announce the rate of interest on provident fund deposits for financial year 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
The Employees’ Provident Fund Organisation (EPFO) is likely to take up the proposal to announce rate of interest for 2020-21 at its Central Board of Trustees (CBT) meeting scheduled on March 4.
K E Raghunathan, an EPFO trustee said that on Monday he received the intimation that the next CBT meeting is scheduled to be held on March 4, at Srinagar and that the agenda papers are likely to be sent soon, as per the report. He said that there is no mention about discussion on interest rate for 2020-21 in the intimation mail, as per a PTI report.
Last year, in March, 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 in 2018-19.
EPF interest rate history: Interest rates on EPF deposits in the past few years:-
Interest rates on EPF deposits in FY14 and FY15 – 8.75%
Interest rates on EPF deposits in FY16 – 8.80%
Interest rates on EPF deposits in FY 17 – 8.65%
Interest rates on EPF deposits in FY18 – 8.55%
Interest rates on EPF deposits in FY19 – 8.65%
Interest rates on EPF deposits in FY20 – 8.5%