Big news for PF holders! The government took this decision regarding the interest rate
EPFO hike in interest rates: There is an important news for PF account holders. A big statement has been made by the government regarding increasing the interest rate on PF account (PF account interest rate). The Minister of State for Labor and Employment, Rameshwar Teli (Labour and Employment Minister) has clarified in the Rajya Sabha that there will be no change in the interest rate on Employees’ Provident Fund (EPF) amount for the financial year 2021-2022. This information was given by the Minister of State for Labor and Employment, Rameshwar Teli while answering a written question in the Rajya Sabha.
What did the minister say?
‘Is the government contemplating an increase in the interest rate on the Employees’ Provident Fund amount?’ This written question was asked in Rajya Sabha. Minister Rameshwar Teli made it clear that there is no proposal yet regarding the reconsideration of the interest rate. That is, it has been proved that there will be no increase in the interest rate on the PF account.
Higher interest on small savings schemes…
EPF interest rate It is more than other schemes of the government. Such as General Provident Fund (7.10%), Jyeshtha Citizen Savings Scheme (7.40%) and Sukanya Samriddhi Account Scheme (7.60%). According to Minister Rameshwar Teli , The interest rate through PF of small savings schemes is still high. Therefore, the government has no plans to increase interest rates further. The interest rate on EPF has been fixed at 8.10 percent.