Govt. approves 8.5% interest rate on Employees' Provident Fund for FY21
The Hindu
The decision will affect over five crore subscribers of the Employees Provident Fund Organisation.
The government has approved 8.5% rate of interest on employees' provident fund for the 2020-21 fiscal, a source said.
Just ahead of Diwali, this is a 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 Labour Minister in March this year.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.