On Tuesday, Labour Minister, Santosh Gangwar said that over 6 crore EPFO accounts will be credited with interest amount at 8.65 per cent rate for 2018-19 ahead of the festival season. This year, the Central Board of Trustees the apex decision-making body of the Employees’ Provident Fund Organisation (EPFO) had approved 8.65 per cent interest rate for the last fiscal on February 21.
Under the EPF Scheme, a final PF claim is settled within 20 days. However, in the case of resignation, the member has to wait for a period of two months for withdrawal of the PF amount. Also, EPFO allows the subscriber to make a partial withdrawal from the corpus under certain conditions. A partial withdrawal claim is forwarded to the employer for approval. Once approved, the amount is credited to the subscriber’s account within 10 days, according to the EPFO website. Partial withdrawal from EPF accounts is allowed for purchase/construction of the house, repayment of the loan, non-receipt of the wage for two months, a marriage of self/daughter/son/brother, for medical treatment of family members etc.
“Once approved by the finance ministry, the EPFO will credit the interest amount at 8.65 per cent rate in subscriber accounts and settle claims on this rate,” Gangwar added.