Categories: Economy

Govt approves interest rate on EPF for FY21 at 8.5%

Ministry of Finance has approved the interest rate on employees’ provident fund (EPF) deposits for 2020-21 at 8.5%. The rate has been kept unchanged as for the year 2019-20. EPF is one fixed-income instrument that is completely tax-free under the exempt-exempt-exempt (EEE) regime, along with PPF and the Sukanya Samriddhi Account. Now the labour ministry will notify the interest rate for it to come into effect.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.