EPF deposits News

EPFO, PF interest rates, Provident fund, EPF interest rates, EPF deposits

This is the lowest rate since 1977-78, when the EPF interest rate was 8%. The Central Board of Trustees (CBT) had set the 8.5 percent interest rate on EPF deposits for 2020-21 in March 2021. EPFO reduced the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, down from 8.65 percent in 2018-19.

The government has ratified 8.65 per cent rate of interest on EPF deposits for 2016-17 which would now be credited into the accounts of members of the retirement fund body EPFO.

Labour Minister Bandaru Dattatreya on Tuesday said 8.65 percent interest rate on EPF deposits for this fiscal will soon be ratified by the Finance Ministry and there is no difference of opinion on the issue.  

Retirement fund body EPFO on Monday fixed 8.65 percent rate of interest on EPF deposits for the current fiscal for its over four crore subscribers.    

Over 4 crore EPFO subscribers may get a lower interest at a rate of 8.6 percent on their PF deposits for current financial year as Labour Ministry is expected to toe the Finance Ministry line to cut the rate.

This is probably the first time that the Finance Ministry has not given concurrence to the rate of interest on EPF as decided by CBT, which is headed by the labour minister.

The Finance Ministry on Monday approved 8.7 percent interest on Employees' Provident Fund (EPF) deposits for 2015-16, labour minister Bandaru Dattatreya said.