Retirement fund body EPFO on Saturday fixed the three-year high interest rate on Employees Provident Fund (EPF) deposits at 8.25 per cent for 2023-24.
“The Central Board of Trustees (CBT), the highest decision-making body of EPFO, has decided to provide an interest rate of 8.25 per cent for the EPF for 2023-24 at its meeting on Saturday,” news agency PTI The report quoted sources as saying.
After the CBT’s decision, the EPF deposit interest rate for 2023-24 will be sent to the finance ministry for approval.
After government approval, the EPF interest rate for 2023-24 will be credited to the accounts of over six crore subscribers of EPFO.
EPFO provides interest rates only after government approval through the finance ministry.
EPF annual interest rate
In March 2023, the Employees Provident Fund Organization (EPFO) slightly increased the EPF interest rate from 8.10% in 2021-22 to 8.15% in 2022-23.
In March 2022, EPFO had reduced the EPF interest rate for 2021-22 from 8.5% in 2020-21 to a 40-year low of 8.1% for over 60 million subscribers.
This is the lowest level since 1977-78, when the EPF interest rate was 8%.
The CBT decided in March 2021 that the EPF deposit interest rate for 2020-21 would be 8.5%.
In March 2020, EPFO cut the provident fund deposit interest rate to 8.5% for 2019-20 from 8.65% in 2018-19, the lowest level in seven years.
EPFO had offered interest rates of 8.65% to subscribers in 2016-17 and 8.55% in 2017-18. The interest rate in 2015-16 was slightly higher at 8.8%.
The pension fund agency quoted an interest rate of 8.75% in 2013-14 and 2014-15, up from 8.5% in 2012-13. The interest rate in 2011-12 was 8.25%.
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