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.

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 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,” a source said.

The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. 
 
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.

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.

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.

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. In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.

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. 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 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,” a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. 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. 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. 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.

India: EPFO fixes 8.25 per cent interest rate on employees' provident fund for 2023-24

Retirement fund body EPFO has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said Thursday.

All members of the Central Board of Trustees (CBT) of EPFO at a meeting here agreed to give a higher interest for subscribers for the current fiscal, the minister said further.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Employees' Provident Fund Organisation has hiked interest rate on employees' provident fund to 8.65% from 8.55% for the 2018-19 fiscal year. <a href="https://t.co/sytjS2Ss0O">pic.twitter.com/sytjS2Ss0O</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1098541231360143360?ref_src=twsrc%5Etfw">February 21, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The proposal would now go to the Finance Ministry for approval, Gangwar said after the CBT meeting.

Earlier, highly placed sources had indicated that the interest on EPF deposits for this fiscal could be more than 8.55 per cent in view of impending general elections.

The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

Once approved by the CBT, the proposal requires the concurrence of the Finance Ministry. The interest rate is credited into the subscribers account after the Finance Ministry's approval.

The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.&nbsp;

Retirement fund body EPFO has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said Thursday.

Retirement fund body EPFO has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said Thursday. All members of the Central Board of Trustees (CBT) of EPFO at a meeting here agreed to give a higher interest for subscribers for the current fiscal, the minister said further. Employees' Provident Fund Organisation has hiked interest rate on employees' provident fund to 8.65% from 8.55% for the 2018-19 fiscal year. pic.twitter.com/sytjS2Ss0O — ANI (@ANI) February 21, 2019 × The proposal would now go to the Finance Ministry for approval, Gangwar said after the CBT meeting. Earlier, highly placed sources had indicated that the interest on EPF deposits for this fiscal could be more than 8.55 per cent in view of impending general elections. The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year. Once approved by the CBT, the proposal requires the concurrence of the Finance Ministry. The interest rate is credited into the subscribers account after the Finance Ministry's approval. The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.

Employees' provident fund interest rate hiked to 8.65 per cent for 2018-19: Labour minister

employees-provident-fund-0

Employees' Provident Fund, News on Employees' Provident Fund, stories on Employees' Provident Fund, articles on Employees' Provident Fund, Employees' Provident Fund stories at Wion, Employees' Provident Fund news, Employees' Provident Fund latest news

employees provident-fund-0

India: EPFO fixes 8.25 per cent interest rate on employees' provident fund for 2023-24

Employees' provident fund interest rate hiked to 8.65 per cent for 2018-19: Labour minister