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.