The Employees’ Provident Fund Organization (EPFO) has set the interest rate for the Employees’ Provident Fund (EPF) deposits for the fiscal year 2023-24 at 8.25%, marking the highest in the last three years. In March 2023, the EPFO had marginally increased the interest rate on EPF to 8.15% for the financial year 2022-23, up from 8.10% in 2021-22. In March 2022, for the fiscal year 2021-22, the EPFO had reduced the EPF interest rate to 8.1%, the lowest in the last four decades. The interest rate on EPF for 2020-21 was 8.5%.
According to sources, the decision-making body of the EPFO, the ‘Central Board of Trustees’ (CBT), finalized the decision to provide an 8.25% interest rate on EPF for the year 2023-24 in its meeting on Saturday. After the CBT’s decision, the resolution regarding the interest rate for EPF deposits in 2023-24 will be sent to the Ministry of Finance for approval. Upon government approval, the EPF interest rate for the fiscal year 2023-24 will be credited to the accounts of over six crore EPFO customers.
