EPFO Interest Rate
The central government has given great news to the employees. It is being told that the EPFO has increased the interest rate for 2023-24 from 8.15 percent last year to 8.25 percent. It is worth noting that in February this year, the Employees’ Provident Fund Organization (EPFO) had announced that the interest rate for the financial year 2023-24 has been increased to 8.25 percent from 8.15 percent last year.
The government on Thursday announced through EPFO’s social media platform X that it has approved an annual interest rate of 8.25% for EPF.
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EPFO has written on X that the Finance Ministry has approved the annual interest rate at the rate of 8.25%, apart from this, EPFO has emphasized that the interest rates for EPF members will not be disclosed on a quarterly basis.
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The Central Board of Trustees (CBT) of EPFO had announced in February to increase the interest on PF for the financial year 2023-24, after the decision of the CBT, the interest rate on EPF deposits for 2023-24 was sent to the Finance Ministry for approval, which has now been approved.
When is interest paid on this?
EPFO announces the interest rate every year under the PF account of employees working in the private sector. Let us tell you that about 7 crore employees are registered under the Employees’ Provident Fund Organization, interest on the Employees’ Provident Fund account is given once a year on 31 March.