EPFO fixes 8.25 pc interest rate on employees’ provident fund for 2023-24

Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for 2023-24.

In March 2023, the Employees’ Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22.

In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21.

This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.

“The EPFO’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday,” a source said.

The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.

After the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be sent to Ministry of Finance for concurrence.

Leave a Reply

Your email address will not be published. Required fields are marked *