There is relief news for EPFO employees. Actually, the amount of interest can be credited to their account quickly. Meanwhile, a big update has come out. The Union Minister has clarified to the government about the change in the interest rate of EPF. In fact, he has said a big thing in a written reply to a question in Rajya Sabha.
There is no change in the interest rate on PF at present. At the same time, 8.1 percent interest rate has been announced to the employees this year. While presenting a written answer to a question in the Rajya Sabha, Minister of State for Labor and Employment Rameshwar Teli has made it clear that the government has no intention of changing the interest of PF at present. At the same time, where is he, the interest rate available on KPS is much higher than other savings schemes.
Replying to the question hour of Rajya Sabha, Minister Rameshwar Teli said that at present interest at 7.40% is being provided in Senior Citizen Savings Scheme. Apart from this, interest at 7.60 percent is being provided in other savings schemes of the government like Sukanya Samriddhi Yojana. Much more than the same projects. The interest rate for this year 2021 has been fixed at 8.10.
Replying to the question hour of Rajya Sabha, Rameshwar Teli said that the interest rate on EPF depends on the income earned from its investments. In such a situation, only according to the EPF scheme 1952, the determination of interest rate can be seen. Explain that on the recommendation of the Central Board of Taxes, the Central Government had approved the EPF rate of 8.10% for the year 2021-22. However, this is the lowest interest rate in the last 4 decades. Earlier the lowest interest rate was recorded in 1977-78.
However, this decision of the government had dealt a big blow to 6 crore EPF holders. The same interest rate receipt has not yet been credited in the account of the holders. It is believed that with the onset of the festive season, the government can give a big gift to the EPF employees. At the same time, the amount of interest can be credited in their account.
Rate of interest
- Interest rate 8.75% in 2013-14
- Interest rate 8.75% in 2014-15
- Interest Rate 8.80% in 2015-16
- Interest rate 8.65% in 2016-17
- Interest Rate 8.65% in 2017-18
- Interest Rate 8.65% in 2018-19
- Interest rate 8.50% in 2019-20
- 8.50% interest rate in 2020-21
- The same interest rate 8.1% in 2021-22
Where is the amount invested
It should be known that the amount deposited in the account of the PF account holder is invested in many places. A part of the earnings from the same investment is credited in the form of interest to the account of the EPF account holders. The amount deposited in the account of the account holder by EPF is invested in debt, government securities and other bonds. The interest rate of PF is decided on the basis of earnings from equity and debt.
To calculate
- If you have 10 lakh rupees in your account then 81000 rupees will be credited to your account at 8.1% interest rate.
- Whereas if you have 5 lakh rupees in your account then 40 thousand 500 rupees will be sent to your account.
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