EPFO Interest Rate: Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25% 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% rate of interest on EPF for 2023-24 at its meeting on Saturday,” a source said. After the CBT's decision, the interest rate on EPF deposits for 2023-24 will be sent to the Ministry of Finance for concurrence. Only 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 Interest Rates for last 10 years
In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15% for 2022-23 from 8.10% 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% for its over six crore subscribers, from 8.5% in 2020-21.
In March 2020, the retirement fund body lowered the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% provided for 2018-19.
EPFO had provided an 8.55% interest rate in 2017-18 and an 8.65% rate to its subscribers in 2016-17. In 2015-16, the rate of interest provided by EPFO was 8.8%.
The retirement fund body had given an 8.75% rate of interest in 2014-15.
EPFO Interest Rates since 1952
The table below shows the interest rate declared on Provident Fund accumulations since 1952.
The Employees' Provident Fund came into existence with the promulgation of the Employees' Provident Funds Ordinance on the November 15, 1951. It was replaced by the Employees' Provident Funds Act, 1952.
*inputs from PTI
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