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Hang Seng
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MCX GOLD JUN 04
MCX SILVER MAY 05
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MCX NATURALGAS APR 27
USD/INR
EUR/INR
GBP/INR
JPY/INR

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EPF interest rate 2020-21: EPFO keeps rate unchanged at 8.5%

Updated : March 04, 2021 04:32 PM IST

The EPFO kept the interest rate unchanged at 8.5 percent for employees' provident fund (EPF) deposits for the financial year 2020-21.

The decision was taken by the EPFO's central board of trustees led by Labour and Employment Minister Santosh Kumar Gangwar.

The Employees’ Provident Fund Organisation (EPFO)—the retirement fund body— kept the interest rate unchanged at 8.5 percent for employees' provident fund (EPF) deposits for the financial year 2020-21.

The decision was taken by the EPFO's central board of trustees led by Labour and Employment Minister Santosh Kumar Gangwar.

Earlier, experts were speculating that EPFO may cut interest on EPF for this fiscal (2020-21) on the back of large withdrawals and fewer contributions being made amid the coronavirus pandemic. However, EPFO kept the rates at the same level as it was for 2019-20.

Last year, in March, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent in 2018-19. The EPF interest rate provided for 2019-20 was the lowest since 2012-13 when it was 8.5 percent, according to news agency Press Trust of India (PTI).

The EPFO had provided an 8.65 percent interest rate to its subscribers for 2016-17, and 8.55 percent in 2017-18. The rate of interest was slightly higher at 8.8 percent in 2015-16.

Meanwhile, Budget 2021 has proposed to restrict tax exemption for interest income earned on employees’ contribution to various provident funds to the annual contribution of Rs 2.5 lakh from April 1, 2021. This simply means that interest earned on the annual EPF above Rs 2.5 lakh will be taxable.

Published : March 04, 2021 02:30 PM IST

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