The government has approved an 8.5% rate of interest on employees’ provident fund for 2020-21 fiscal,. Just ahead of Diwali, this is good news for over five crore subscribers of the Employees Provident Fund Organisation (EPFO). The 8.5% rate of interest on provident fund deposits for the last financial year was decided by the EPFO’s apex decision-making body Central Board of Trustees (CBT) headed by the Labour Minister in March this year.

“The rate of interest on EPF for 2020-21 has been ratified by the Ministry of Finance and now it would be credited into the accounts of over five crore subscribers.”