By: ABP News Bureau | Updated at : 04 Mar 2021 03:40 PM (IST)
(File Photo/ Getty)
New Delhi: The Employees' Provident Fund Organisation (EPFO) on Thursday annouced the rate of interest on provident funds deposits for the 2021-22 fiscal and decided to retain the rate at 8.5%.
As per reports, the retirement fund body retirement fund body's apex decision-making body Central Board of Trustees decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar earlier in the day.
ALSO READ | MTAR Technologies IPO Witnesses Strong Subscription On Day 1; Know All About It
The announcement comes amid speculations that EPFO might reduce the interest rates on provident fund deposits for 2020-21 fiscal from 8.5 per cent provided in 2019-2020 fiscal on the backdrop of higher withdrawal and lesser deposits due to Coronavirus pandemic.
In March last year, the 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. The interest rates were lower since 2012-2013, when it was 8.5 per cent.
ALSO READ | Gold Prices Take A Dip While Silver Undergoes A Rise; Check Delhi, Kolkata, Mumbai Closing Here
The retirement fund body had even provided 8.65 per cent interest rate to its subscribers in the 2016-17 financial year and 8.55 per cent in FY 2017-18. The rate of interest on provident fund was marginally higher at 8.8 per cent in 2015-16.
It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The EPFO had provided 8.25 per cent rate of interest on provident fund in 2011-12.
SEBI Guidelines Push Finfluencers To Reevaluate Content And Monetisation Strategies
Rising Insurance Premiums And Coverage Gaps. How Indian Consumers Can Stay Ahead In 2024
Lost Your Aadhaar Card? Here's How You Can Recover It
Market Momentum Could Propel Sensex To 90,000 And Nifty To 27,000 By December
Budget 2024: Govt Likely To Increase Provident Fund Limit After A Decade
NEET UG: No Large-Scale Irregularities Found, Won't Be Rational To Scrap Entire Exam, Centre Tells SC
Hathras Stampede SIT Report Submitted To UP CM Yogi Mentions Political Links Of 'Bhole Baba'
NEET PG 2024 Exam Date Announced, NBEMS To Conduct Exam On Aug 11 In Two Shifts
Rishi Sunak Resigns As UK Prime Minister, Confirms He'll Quit As Tory Leader, But Not Immediately