After the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be sent to the Ministry of Finance for concurrence.
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Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for 2023-24.
“The EPFO’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday,” news agency PTI reported quoting a source.
After the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be sent to the Ministry of Finance for concurrence.
After the government’s ratification, the interest rate on EPF for 2023-24 will be credited into accounts of over six crore subscribers of EPFO.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
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EPF interest rate year wise
In March 2023, the Employees’ Provident Fund Organisation (EPFO) had increased 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 lowest 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 decided by CBT in March 2021.
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 provided for 2018-19.
EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.
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The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.
