EPF Interest Rate: Let us tell you that in February 2024, the Employees Provident Fund Organization (EPFO) had marginally increased the interest rate on EPF from 8.15% in 2022-23 to 8.25% for 2023-24.
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EPF Interest Rate: Big news for 7.6 crore EPFO members. Retirement fund body Employees’ Provident Fund Organization (EPFO) retained the interest rate of 8.25% on Employees’ Provident Fund (EPF) deposits for 2024-25. Let us tell you that in February 2024, the Employees’ Provident Fund Organization (EPFO) had marginally increased the interest rate on EPF from 8.15% in 2022-23 to 8.25% for 2023-24.
EPF interest rate retained at 8.25% for 2024-25
A source said, the Central Board of Trustees (CBT), the apex decision making body of EPFO, has decided to give 8.25% interest on EPF for 2024-25 in its meeting on Friday. The 8.5% interest rate on EPF deposits for the financial year 2020-21 was decided by the CBT in March 2021. After the decision of the CBT, the interest rate on EPF deposits for 2024-25 will be sent to the Finance Ministry for approval.
In March 2022, the EPFO brought down the interest rate on EPF for 2021-22 to a four-decade low of 8.1% for its over 7 crore subscribers, from 8.5% in 2020-21. The interest rate on EPF for 2020-21 was 8.10%. This is the lowest since 1977-78, when the EPF interest rate was 8%.
Interest will be credited to more than 7 crore accounts
After the approval of the government, the interest rate on EPF for 2024-25 will be credited to the accounts of more than 7 crore subscribers of EPFO. EPFO provides interest rates only after approval by the government through the Ministry of Finance.
