The Kalamkar

EPFO gives big gift to 6 crore PF account holders, highest increase in interest rates in 3 years

EPFO announces Interest rate: EPFO ​​has fixed a higher three-year interest rate of 8.25 percent on Employees Provident Fund (EPF) deposits for 2023-24. Let us know about it in detail.

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The Kalamkar News (New Delhi). Retirement body EPFO ​​has given a big gift to lakhs of employees of the country. EPFO has fixed a higher three-year interest rate of 8.25 percent on Employees' Provident Fund (EPF) deposits for 2023-24. 

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

In March 2022, EPFO ​​had reduced the interest on EPF for 2021-22 to a four-decade low of 8.1 percent for its more than 6 crore subscribers, which was 8.5 percent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate was 8 percent.

Now waiting for the approval of Finance Ministry

 A source said, “EPFO's top body, Central Board of Trustees (CBT), in its meeting on Saturday, has decided to provide 8.25 percent interest rate on EPF for 2023-24.” 8.5 percent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.

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

After getting approval from the government on this, the interest rate on EPF for 2023-24 will be deposited in the accounts of more than 6 crore customers of EPFO.

Let us tell you that the interest rates become effective after getting approval from the government. Earlier in March 2020, EPFO ​​had reduced the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent for 2018-19.