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.
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.