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Finance Ministry approves 8.5% interest rate on PF deposits for 2020-21

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Finance Ministry approves 8.5% interest rate on PF deposits for 2020-21

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The finance ministry has approved 8.5 percent interest rate on provident fund (PF) deposits for 2020-21, sources told CNBCTV-18.

Finance Ministry approves 8.5% interest rate on PF deposits for 2020-21
The finance ministry has approved 8.5 percent interest rate on provident fund (PF) deposits for 2020-21, sources told CNBCTV-18. This move is likely to benefit 6 crore account holders who are expecting interest to be credited to their accounts.
Earlier, Employees’ Provident Fund Organisation (EPFO) approved the interest rate and sought approval of the Finance Ministry for 8.5 percent interest for FY21. After the board’s approval, the labour ministry has notified it.
The EPFO had even declared 8.5 percent for the financial year 2019-2020. This is the lowest interest rate in the past seven years. In 2018-2019, the interest was pegged at 8.65 percent while in 2017-2018 it was 8.55 percent.
Once the interest is credited, users can view their balance online through its website. EPFO also provides the balance information via missed call facility and SMS service.
To check EPF balance, subscribers must have their Universal Account Number (UAN) activated. The UAN is an identification number mentioned in the monthly salary slip of an employee. It is unique for every employee enrolled under the EPF scheme.
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