The interest rates on Employees Provident Fund (EPF) deposits for 2023–24 were set by the Employees Provident Fund Organization (EPFO) on Saturday at 8.25 percent, the highest rate in the previous three years. The interest rate on EPF was 8.10 percent in 2021–2022; however, EPFO raised it slightly in March 2023 to 8.15 percent for 2022–2023.
“The apex decision-making body of EPFO, ‘Central Board of Trustees’ (CBT), in its meeting on Saturday, has decided to provide 8.25 percent interest rate on EPF for 2023-24,” according to a source.
The Finance Ministry will be consulted before approving the CBT’s decision regarding the interest rate on EPF deposits for 2023–2024. The interest rate on EPF for 2023–2024 would be deposited into the accounts of over six crore EPFO subscribers following the government’s approval.
Every year, EPFO makes the interest rate on PF accounts for workers in the private sector known. The Employees Provident Fund Organization is home to almost 7 crore workers. The Finance Ministry makes the ultimate judgment after determining EPFO’s interest.
