India, Thehent: Employees' Provident Fund Organisation to Pay 8.15% Interest Rate for FY20 in Two Instalments to PF Subscribers Details at epfindia.gov.in. Good news for PF clients EPF is a key decision! Do you have a PF account? But your sweetheart. EPFO recently announced that it will pay 8.5 percent interest to its subscribers. However, it will be paid in installments rather than all at once.
Good news for employees. Those who have a PF account will benefit. The Employees Provident Fund Organization (EPFO) has set interest rates for the 2019-20 financial year. Announced that it would pay an interest rate of 8.5 percent. This will benefit PF clients.
It is learned that EPFO is currently offering 8.15 percent interest on EPFO. Now the same interest rate applies to PF clients. The remaining 0.35 percent interest will be paid by EPFO in December. It should be noted that EPFO pays interest to its subscribers in two installments.
The EPFO recently informed the board that the coronavirus has had a negative impact on returns on EPFO investments. EPFO is therefore willing to pay the interest in the form of installments in two installments as high-interest payments can be difficult. 8.15 percent interest on the first installment. The remaining 0.35 percent interest will be deposited in the accounts of PF clients during the month of December.
‘There is no mention of a fall in interest rates. We will provide 8.5 percent interest for the 2019-20 financial year. But due to the coronavirus, a situation arose where the interest was paid in two installments. It is not possible to withdraw some investments due to market conditions, ”said Virjesh Upadhyay, EPFO Central Board Trustee.
The approval of the Central Board of Trustees (CBT) is required for any decision of the EPFO to be approved. It is learned that EPFO has announced that it will offer 8.5 percent interest to employees in March itself. This is the lowest interest rate in the last seven years. This is 15 basis points lower than the interest rate for the 2018-19 financial year.