Employees Provident Fund members are soon to receive money. EPFO will make interest credit of the previous financial year in their account on any day.
Employees Provident Fund members are soon to receive money. EPFO will make interest credit of the previous financial year in their account on any day. Most importantly, the interest for the financial year 2019-20 will come in two instalments. The view is that this time the interest in the members’ account will be credited twice. For the first time, the deposit will be at 8.15 per cent. The second time will be 0.35 per cent. The decision was taken at epfo’s board meeting.
Get interest twice
According to Prabhakar Banasure, member, Central Board of Trustees, 8.5% interest was confused due to covid, but the board has decided that 8.15 interest will be paid to subscribers in September and the remaining 0.35% will be given in December. Banasure told Zee Business that all subscribers need Rs 61,000 crore to pay interest at 8.5% interest and EPFO has an amount of Rs 58,000 crore.
Share in ETF to be sold
EPFO will sell the share of investment in its ETF, the share that will be sold, its current value is Rs 2800 crore and there is a shortfall of 2500 crore capital to pay 8.50% interest, selling a share in equity ETF investment in December.
Checking your passbook
EPF members should keep to know how much money their account is and how much interest is getting. It is important that they check their account amount regularly. A great way to check passbook or know your account balance is EPFO’s missed call service. A helpline number has also been issued for the same. You can also know pf balance online or from SMS…….Read More>>