New Delhi: The Government of India is going to make a big announcement for crores of account holders in the festive season. In fact, the meeting of the CBT Board of the Employees' Provident Fund Organization (EPFO) is on March 12 in Guwahati. It is being said that in this meeting the interest rates of the current financial year of EPFO will be discussed. At the same time, the Central Board of Trustees will decide the interest rate for the current financial year in this meeting and then submit its recommendations to the Ministry of Finance. Now it is being expected that the government can increase the interest rates of EPFO this time. In fact, the interest rates on Employees' Provident Fund (EPF) deposits for the financial year 2021-22 will be decided next month.
In fact, Union Labor Minister Bhupendra Yadav, on the question of maintaining the interest rate of 8.5% for EPFO 2021-22 like 2020-21, said that this decision will be taken on the basis of estimates of income for the next financial year. Let us also tell you all that Bhupendra Yadav is the head of CBT. In such a situation, the current financial year has been challenging for EPFO, although despite all the hindrances, EPFO can sell its equity investment to pay 8.5% interest. In such a situation, due to lack of options this time, bond investment was very less and capital could not be invested. At the same time, the Finance Investment and Audit Committee of EPFO has sent its recommendations to the CBT.
This means that the final decision on the interest rate will be taken in the meeting to be held in March. Let us tell you that after the decision on the interest rate is taken by the CBT, it is sent for the approval of the Ministry of Finance. Where the final decision on this is taken. Shortly before, EPFO said on its Twitter handle that it has deposited interest in 24 crore more PF accounts for the financial year 2020-21. The organization has given interest at the rate of 8.5 percent.
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