EPFO keeps interest rate unchanged at 8.5% for FY21

NEW DELHI: In a major relief for India's working class, the Employees' Provident Fund Organisation (EPFO) has decided to keep interest rates on Provident Fund deposits for the financial year 2020-21 unchanged at 8.5 per cent. On Thursday, the Central Board of Trustees, EPF, recommended 8.50 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2020-21. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into the subscribers' accounts. At 8.5 per cent, PF is generating maximum returns over various other savings instruments available to individuals. The bank fixed deposit rate has gone down to almost 5.5 to 6 per cent level, Kisan Vikas Patra is offering rate of 6.9 per cent, government's employees' GPF is giving 7.1 per cent, Sukanya Samriddhi Yojana 7.6 per cent, PPF 7.1 per cent, 5 year NSC 6.8 per cent, 5 year senior citizen savings scheme 7.4 per cent, recurring deposit 5.8 per cent, 5 year monthly income account - 6.6 per cent. Since FY 2014 EPFO has consistently generated returns not less than 8.50 percent, said an official statement. (IANS)

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