EPFO Curiosity Fee Slashed: Kamal Modi Govt.
New Delhi: The rate of interest on EPFO is Kamal Central Authorities. The rate of interest has been decreased from 7.5 p.c to 7.1 p.c. That is the bottom rate of interest in 4 many years. Citing sources, the information company PTI mentioned that the Heart might difficulty a discover to scale back the rate of interest at present. It has lengthy been rumored that the central authorities is contemplating reducing rates of interest on provident funds. It is because rates of interest on different small financial savings tasks have additionally come down. This time the choice was made to keep up concord with him.
The Central Authorities opinions the rates of interest relevant to EPF on an annual foundation. Since 2012-13, the rate of interest of EPF has been decreased many instances step-by-step In 2015-16 alone, the rate of interest was barely larger at 7.60 p.c. Since then the rate of interest has come down greater than as soon as step-by-step. Within the 2019-20 monetary yr, the Heart had decreased the EPF rate of interest to 7.5 p.c. Which was the bottom in seven years. This time extra curiosity this lotus. Because of this, 7 center class folks have their palms on their heads
There was a gathering of the Central Board of Trustees on Saturday. At that assembly it was determined to scale back the rate of interest. The CBDT makes the ultimate determination on PF. The CBDT’s proposal will likely be forwarded to the Union Finance Ministry. The brand new PF rate of interest will likely be launched as quickly because the seal of the Ministry of Finance is learn. About 6 crore staff who’ve deposited cash within the Staff Provident Fund will face numerous issues as a result of discount in rates of interest.
In 2013-14, 2014-15, 2015-16, 2016-17, 2016-17, 2019-20, 2020-21, the rates of interest had been 8.75 p.c, 7.75 p.c, 6.70 p.c, 7.75 p.c respectively. , 6.55 p.c, 6.50 p.c, 6.50 p.c. Earlier, EPFO had the bottom rate of interest in 198-198. At the moment the rate of interest stood at 7 p.c. Consultants imagine that report might be damaged within the subsequent few years.
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