EPFO said 22.55 crore accounts had an interest of 8.50% for the FY 2020 -- 21 period.
The Finance Ministry had approved 8.5 per cent of the interest of provident fund deposit for 2020 -- 21 paving way for the EPFO to credit the interest. The EPFO apex decision making body Central Board ofTrustees CBT headed by Labour Minister in March this year has decided on 8.5% of interest on provident fund deposits for the last financial year.
The retirement fund regulatory body kept the EPF interest rate unchanged for FY 2020 -- 21 because there was more withdrawal than deposits during the entire financial year.
After the Covid-19 outbreak in 2020, the EPFO reduced the PF interest rate to 8.5 per cent for the FY 2019 -- 20 -- 7 years low of the EPF interest rate. The interest rate for EPF was 8.65 per cent for the year 2018 -- 19 period. EPFO account holders with their UANs registered with the retirement body can get details of their most recent contributions and provident fund balance through an SMS.
For this, send a SMS to 7738299899 with the text ENG here denotes the first three letters of your language of preference, in this case English. The service is available in 10 different languages.
In this regard, you should not forget to sync your UAN with your bank account, Aadhaar and PAN, as EPFO stores details of its members. You need to call from your registered phone number.
If you are registered on the UAN portal, the details will be provided.