Employees Provident Fund Organization Sets 8.25% Interest For Financial Year 2023-24

New Delhi, 10th February 2024: The Employees’ Provident Fund Organization (EPFO) may give an interest rate of 8.25 per cent on Employees Provident Fund (EPF) deposits for the financial year 2023-24. This marks a slight increase from the previous year’s rate of 8.15 per cent, set in March 2023.

In March 2022, the EPFO had reduced the interest rate for the financial year 2021-22 to 8.1 per cent, a four-decade low, from 8.5 per cent in 2020-21. The Central Board of Trustees (CBT), the highest decision-making body of the EPFO, made the decision during its meeting today.

The interest rate of 8.25 per cent for 2023-24 will now be submitted to the Finance Ministry for approval. Once approved by the government, the interest will be credited to the accounts of over six crore EPFO subscribers.

It is noteworthy that EPFO interest rates require government approval through the Finance Ministry. In March 2020, the EPFO had lowered the interest rate to a seven-year low of 8.5 per cent for the financial year 2019-20, down from 8.65 per cent in 2018-19.

In the preceding years, the EPFO had provided interest rates of 8.65 per cent in 2016-17 and 8.55 per cent in 2017-18. The interest rate for the financial year 2015-16 was slightly higher at 8.8 per cent. The EPFO had granted a higher interest rate of 8.75 per cent in both 2013-14 and 2014-15, compared to 8.5 per cent in 2012-13, while in 2011-12, the interest rate was 8.25 per cent.