PF Interest Rate Hike: There is great news for more than 6 crore PF account holders of the Employees’ Provident Fund Organization (EPFO). In the CBT meeting held on Saturday, it has been decided to increase it significantly by 0.10 percent (PF Rate Rise).
EPFO Interest Rate Hike: There is great news for more than 6 crore PF account holders of the Employees’ Provident Fund Organization (EPFO). In the CBT meeting held on Saturday, it has been decided to increase it significantly by 0.10 percent (PF Rate Rise). According to news agency PTI, EPFO has fixed the interest rate of Provident Fund i.e. PF at 8.25 percent for 2023-24. This is the highest in the last 3 years.
What have been the interest rates in the last years?
Earlier, the government had increased the interest rate on deposits of PF account holders from 8.10 percent to 8.15 percent in 2022-23. In March 2022, EPFO had reduced the interest rate on EPF for 2021-22 to 8.1 percent. This was the lowest interest rate in 4 decades.
The interest rate was once 8.5 percent
The interest rate on EPF used to be 8.5 percent in 2020-21. EPFO’s top decision making body ‘Central Board of Trustees’ (CBT) in its meeting on Saturday has decided to give 8.25 percent interest rate on EPF for 2023-24.
It will be sent to the Finance Ministry
After the decision of CBT, now the decision regarding interest rate on EPF deposits for 2023-24 will be sent to the Finance Ministry for approval. After the approval of the government, the interest rate on EPF for 2023-24 will be deposited in the accounts of more than six crore subscribers of EPFO.
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