New Delhi: For the fiscal year 2020-21, the government has approved an interest rate of 8.5 percent on employee provident funds. This is good news for the Employees Provident Fund Organization's over five crore subscribers, just in time for Diwali (EPFO). "The rate of interest on EPF for 2020-21 has been ratified by the Ministry of Finance, and it will now be credited into the accounts of over five crore subscribers," a source said on Friday.

In March of this year, the EPFO's apex decision-making body, the Central Board of Trustees (CBT), headed by Labour Minister, decided on an interest rate of 8.5 percent on provident fund deposits for the previous financial year.

The EPFO cut the interest rate on provident fund deposits to 8.5 percent for 2019-20, down from 8.65 percent in 2018-19, in March of last year. The interest rate provided for 2019-20 by the EPF (Employees Provident Fund) was the lowest since 2012-13, when it was reduced to 8.5 percent. In 2016-17, the EPFO offered its subscribers an interest rate of 8.65 percent, and in 2017-18, it offered an interest rate of 8.55 percent. In 2015-16, the interest rate was slightly higher, at 8.8 percent. It offered an interest rate of 8.75 percent in 2013-14 and 2014-15, up from 8.5 percent in 2012-13. In 2011-12, the rate of interest on the provident fund was 8.25 percent.

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