After the federal government’s ratification, the rates of interest on EPF for 2023-24 will be credited into accounts of over 6 crore customers of EPFO.
Listen to Story
Retirement fund body EPFO on Saturday repaired a three-year high rate of interest of 8.25 percent on workers’ provident fund (EPF) deposits for 2023-24.
In March 2023, the Employees’ Provident Fund Organisation (EPFO) had actually increased the rates of interest on EPF partially to 8.15 percent for 2022-23 from 8.10 percent in 2021-22.
In March 2022, EPFO had actually reduced the interest on EPF for 2021-22 to an over four-decade low of 8.1 percent for its over 6 crore customers, from 8.5 percent in 2020-21.
This was the most affordable given that 1977-78, when the EPF rate of interest stood at 8 percent.
“The EPFO’s pinnacle choice making body Central Board of Trustees (CBT) has actually chosen to offer 8.25 percent interest rate on EPF for 2023-24 at its conference on Saturday,” a source stated.
The 8.5 percent rates of interest on EPF deposits for 2020-21 was chosen by CBT in March 2021.
After the CBT’s choice, the rates of interest on EPF deposits for 2023-24 will be sent out to Ministry of Finance for concurrence.
After the federal government’s ratification, the rate of interest on EPF for 2023-24 will be credited into accounts of over 6 crore customers of EPFO.
EPFO offers the interest rate just after it is validated by the federal government through the financing ministry.
In March 2020, EPFO had actually decreased the rate of interest on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent offered 2018-19.
EPFO had actually offered 8.65 percent rates of interest to its customers in 2016-17 and 8.55 percent in 2017-18. The interest rate was somewhat greater at 8.8 percent in 2015-16.
The retirement fund body had actually provided 8.75 percent interest rate in 2013-14 along with 2014-15, greater than 8.5 percent for 2012-13. The interest rate
Julian Marks
Kayleigh Rogahn
Ryleigh Mante