EPFO likely fixed 8.5% interest rate on PF deposits for 2020-21: Report

The retirement fund body is likely to announce the rates in a few hours. The Central Board of Trustees (CBT), which is the main decision-making body of EPFO, is meeting in Srinagar

The Employees’ Provident Fund Organisation (EPFO) has likely fixed the interest rate on provident fund deposits at 8.5 per cent for financial year 2020-21, according to a report by news agency PTI.

The retirement fund body is likely to announce the rates today. The Central Board of Trustees (CBT), which is the main decision-making body of EPFO, is meeting in Srinagar. 

The decision will come on the back of large withdrawals and fewer contributions through out the last year amid the coronavirus pandemic.

In March, last year, the EPFO had reduced the interest rate to a 8.5 per cent