PF Account: Whenever the interest is deposited, its entire payment will be made in one go. Sources say that the interest received on EPF from the government can be transferred soon.
EPF Interest Rate: If you are a salaried class then it is very important for you to stay updated with this news. In February 2024, the Employees Provident Fund Organization (EPFO) had announced to increase the interest rate on Provident Fund for the financial year 2023-24. EPFO had increased the interest rate of 8.15% to 8.25% for 2023-24. But the EPF interest for the financial year 2023-24 has not been transferred to the accounts by the government. In such a situation, many people are keen to know when the EPF interest will come to their account.
The entire interest will be paid in one go
Recently, an EPF member had asked a question about interest on X. In response to the question, EPFO said that the process of depositing interest is going on. It is possible that money will be seen in your account very soon. Whenever the interest is deposited, its entire payment will be made in one go. You will not suffer any loss regarding interest. Sources say that the interest received on EPF from the government can be transferred soon.
Money deposited in the accounts of more than 28 crore people
By the end of the financial year 2023-2024, interest for the financial year 2022-23 was deposited by EPFO in the accounts of 28.17 crore members. The Employees Provident Fund (EPF) is often known as PF (Provident Fund). It is an important savings and pension plan for working employees. When the employee retires, he gets the money of this fund. You can file a claim for withdrawal or transfer of funds on behalf of the EPF member both online and offline.
Provision to deposit 12% in EPF account
Employees Provident Fund (EPF) is an essential saving scheme for salaried class employees in companies with 20 or more employees. Under the EPF and MP Act, the employee has to deposit 12% of his monthly income in the EPF account, apart from this, the same amount is deposited by the company. The entire contribution made by the employee is deposited in the EPF account, but out of the money deposited by the company, 3.67% is deposited in the EPF account. The remaining 8.33% goes to the Employees’ Pension Scheme (EPS).
What is the interest rate?
The interest rate of Employees’ Provident Fund (EPF) for the financial year 2023-2024 has been increased from 8.15% to 8.25% recently. This means that you will now get more interest on the amount deposited in your EPF account than before. According to PIB, the EPF Board had recommended distributing a record amount of Rs 1.07 lakh crore in the accounts of members last year.
