Response:
Hello,
The Employees' Provident Fund (EPF) interest rates are determined by the Employees' Provident Fund Organisation (EPFO) in India. These rates are revised annually, based on the income and expenditure scenario of the EPFO.
👉 Step-by-step guide to check the latest EPF interest rates:
1. Go to the official EPFO website (www.epfindia.gov.in)
2. Click on the "Interest Rate" option under the "Our Services" tab.
3. You will find the revised interest rates for the current period here.
As of now, for the financial year 2020-21, the EPF interest rate is set at 8.5%. Please note that this rate is subject to change based on the decision of the EPFO's Central Board of Trustees.
💡 Key Point: The interest on the EPF balance is calculated on a monthly basis but is credited to the account at the end of the financial year.
🔔 Remember, the EPF interest earned is tax-free, provided the employee has continuous service of 5 years. If not, it may be subject to tax as per the Income Tax Act, 1961.
Please keep in mind that it's essential to regularly check the official EPFO website for any updates regarding the EPF interest rates.
Hope this information helps! Feel free to reach out if you have any other questions. 🌐👍