Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has hiked the interest rate on deposits to 8.25 per cent from 8.15 per cent.
In March 2023, the Employees’ Provident Fund Organisation (EPFO) had elevated the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22.
In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21. This was the bottom since 1977-78, when the EPF interest rate stood at 8 per cent. The 8.5 per cent interest rate on EPF deposits for 2020-21 was determined by CBT in March 2021.
After the CBT’s determination, the interest rate on EPF deposits for 2023-24 will likely be despatched to Ministry of Finance for concurrence.
After the federal government’s ratification, the interest rate on EPF for 2023-24 will likely be credited into accounts of over six crore subscribers of EPFO.
EPFO gives the rate of interest solely after it’s ratified by the federal government by means of the finance ministry.
In March 2020, EPFO had lowered 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 offered for 2018-19.
EPFO had offered 8.65 per cent interest rate to its subscribers in 2016-17 and eight.55 per cent in 2017-18. The rate of interest was barely greater at 8.8 per cent in 2015-16.
The retirement fund physique had given 8.75 per cent rate of interest in 2013-14 in addition to 2014-15, greater than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.
With inputs from PTI
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