With the interest rate coming down in the economy, the EPF interest rate was also expected to come down.
PF Interest Rate 2020: The provident fund (PF) balance is going to earn less for the salaried employees. According to PTI, EPFO has lowered interest rate on employee provident fund to 8.50 per cent for 2019-20 from 8.65 per cent in 2018-19. The decision has been made by the central board of trustees and the new PF interest rate 2020 will now have to be notified by the government.
There has been a cut of 15 basis points or 0.15 per cent on the existing PF rate of interest.
Employees Provident Fund Organization (EPFO) has declared the interest rate on provident fund balance. The interest rate on EPF for the financial year 2019-20 will be 8.50 per cent. For 2018-19, the interest rate was 8.65 per cent on the Provident Fund (PF) balance.
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With the interest rate coming down in the economy, the EPF interest rate was also expected to come down. Earlier, the interest rate on EPF was hiked to 8.65 per cent from 8.55 per cent declared in 2017-18. It is also expected that the rate of interest on post office small savings schemes will also be lowered from April 1, 2020.