Festive bonanza! EPFO members likely to get first installment of 8.5% interest by Diwali

New Delhi: The Employees’ Provident Fund Organisation (EPFO) may credit the first instalment of the 8.5% interest to its subscribers by Diwali, according to a report by Live Hindustan.

In September, EPFO had decided to credit a part of 8.5 per cent interest on employees provident fund (EPF) for 2019-20 into the account of its around 6 crore subscribers in a Meeting of the Central Board of Trustees of EPF held via virtual conferencing. 

The remaining 0.35 per cent rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year, the board further said.

In its statement, the EPFO said: “In view of exceptional circumstances arising out of Covid-19, the agenda regarding interest rate was reviewed by the Central Board and it recommended the same rate at 8.50% to the Central Govt. It would comprise of 8.15% from debt income and balance 0.35% (capital gain)from the sale of ETFs subject to their redemption by 31st December 2020.”

It further recommended to account for such capital gains in the income of the financial year 2019-20 as being an exceptional case.

The retirement fund body’s earnings were badly hit in March due to coronavirus pandemic. “In view of exceptional circumstances arising out of COVID-19, the agenda regarding interest rate was reviewed by the central board and it recommended the same rate of 8.5% to the central government,” the labour ministry earlier said.

How to check account balance through sending a message:

In order to check the account balance in your EPF account, you need to link your UAN number to your Aadhaar, PAN Card or your bank account. Type EPFOHO UAN ENG and send it to 7738299899. The last three letters ‘ENG’ is the preferred language, in case you want to receive the message in any other language, type the first 3 letters of your preferred language such as BEN for Bengali, MAR for Marathi etc. The SMS facility is accessible in different languages such as English, Marathi, Bengali, Hindi, Gujarati, Punjabi, Telugu, Malayalam, Kannada and Tamil. 

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