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EPFO fixes 8.25 percent interest rate on Employees Provident Fund for 2023-24

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.

STORY | EPFO fixes 8.25 pc interest rate on employees' provident fund for 2023-24

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— Press Trust of India (@PTI_News) February 10, 2024

“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.

RBI Repo Rate Hike: Reserve Bank of India hikes repo rate by 0.50%, EMI will be more expensive

Increasing its repo rate by 50 basis points, the Reserve Bank of India (RBI) attempted to control inflation on Wednesday. The repo rate increased from 4.40 percent to 4.90 percent after this increase. On Wednesday, Shaktikanta Das spoke about the decision taken at the Monetary Policy Committee meeting.

Repo rate hiked for the second time in a month

Earlier, the RBI surprised the market with a 40-point increase in the repo rate on May 4. During the same period, the cash reserve ratio also increased by 0.50 percent to 4.5 percent. This has been the second increase in the past month. The country’s inflation rate has consistently been above 6 percent. This step was taken by the RBI to provide relief to the general public.

What will be the effect?

RBI’s increase in the repo rate on behalf of banks will affect crores of customers. As a result of an increase in the repo rate, the loans given by banks to their customers will be more expensive. Increases in interest rates will have an effect on EMIs. As compared to earlier, the EMI of the customers will increase.

What is the Repo Rate?

In the repo market, banks borrow money from the Reserve Bank of India at a rate called the repo rate. The increase in repo rates means that banks will get loans from the RBI at higher rates. There will be an increase in the interest rate on Home Loan, Car Loan Personal Loan, etc., which will directly impact your monthly EMI.

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ICICI Bank cuts FD interest rate, know the new rate and its effect

A rate cut on ICICI Bank‘s fixed deposits was announced on Wednesday. The bank has cut 5 basis points for various time periods. The interest rate on fixed deposits above Rs 2 crore but less than Rs 5 crore has been revised.

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SBI, Axis Bank, HDFC Bank, IndusInd Bank, and Bank of Baroda are among the major private banks that have revised FD rates this year. ICICI Bank’s FD rates will be cut for the first time for the financial year FY23. Effective April 6, 2022, the new rates will be in place.

New rates

There has been a deduction of 5 basis points on FDs with a tenure of more than 1 year. On tenures from 1 year to 389 days and 390 days to less than 15 months, ICICI Bank will offer a 4.15% interest rate. Earlier the rates here were 4.20%.

The bank is offering 4.20 per cent interest on tenures of more than 15 months and less than 18 months, which was 4.25 per cent earlier. On the tenure of 18 months to 2 years, instead of 4.35 percent, 4.30 percent interest will be given. On the tenure of 2 years to 3 years, 4.50 percent interest will be available instead of 4.55 percent. The revision rate from 3 years to the maximum 10 years is 4.60 percent, which was 4.65 percent earlier. Both the general and senior citizen categories will be affected by this new rate.

No change here

On FDs for less than one year, the interest rate remains unchanged. Each tenure is offered at 2.50% interest rate every 7 to 14 days, 15 to 29 days, while 30 to 45 days and 46 to 60 days are offered at 2.75% interest. Between 61 and 90 days, the rate is 3%.

Furthermore, the interest rate for terms ranging from 91 to 184 days is 3.35%. Between 185 and 270 days, the remaining 3.60% is given. For terms less than a year, an interest rate of 3.70% is offered every 271 days. New fixed deposits and renewals of existing fixed deposits will be subject to the revised rates.