The Employees’ Provident Fund Organisation (EPFO) has set the interest rate for the employees’ provident fund at 8.25 percent for the fiscal year 2023-24. This marks a three-year peak for the retirement fund organization.
In March 2023, the EPFO increased the interest rate on EPF slightly to 8.15 percent for the fiscal year 2022-23, up from 8.10 percent in 2021-22. However, in March 2022, the EPFO had decreased the interest rate on EPF for the fiscal year 2021-22 to 8.1 percent, marking the lowest rate since 1977-78, when the EPF interest rate was 8 percent.
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The choice to offer an interest rate of 8.25 percent for the fiscal year 2023-24 was taken by the EPFO’s highest decision-making body, the Central Board of Trustees (CBT), during its session held on Saturday, February 10th.
After the decision made by the CBT, the interest rate for the EPF in 2023-24 will be forwarded to the Ministry of Finance for approval. Upon endorsement by the government, the interest rate will be deposited into the accounts of more than six crore EPFO subscribers.
In March 2020, the EPFO decreased the interest rate on provident fund deposits to a seven-year low of 8.5 percent for the fiscal year 2019-20, compared to 8.65 percent in 2018-19. Over recent years, EPFO interest rates have experienced fluctuations, with rates set at 8.65 percent in 2016-17, 8.55 percent in 2017-18, and a slightly higher rate of 8.8 percent in 2015-16.
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