EPFO Interest Rate Final: The Union Finance Ministry has approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits. In the month of March, EPFO had cut the interest rate.
The Central Government has approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. This information has been given by the EPFO office. Interest is deposited in the accounts of customers only after the approval of the Union Finance Ministry. The EFPO in the month of March had reduced it from 8.5 per cent to 8.1 per cent for the fiscal year 2021-22.
Interest may be credited soon
It is being told that the interest rate on PF is still low, that is why it can be credited before December. At present, the lowest interest is getting on PF in 43 years. Now after approval from the Ministry of Finance, interest can be credited in the PF account of EPFO members anytime.
lowest interest rate
Right now the interest rate on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the rate of interest of PF in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.
PF money is invested here
EPFO invests the money deposited in the account of PF account holders in many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. PF interest is decided on the basis of earning from debt and equity.
You can check PF balance like this
Go to EPFO website. Select ‘For Employees’ from the dropdown of ‘Our Services’. After this click on Member Passbook. Now login with the help of UAN number and password. Select the PF account and you will see the balance as soon as you open it. To check balance through SMS, send a message by typing ‘EPFOHO UAN ENG’ to 7738299899. You will get the balance information in the reply. Apart from these, PF balance can also be checked from Umang App.
