EPFO: BIG Announcement! Diwali for Salaried Professionals, Massive Increase in Rate of Interest, Check Details Here

EPFO: This news is important for you if you work for the government or the commercial sector. For the third year in a row, the Employees Provident Fund Organisation has raised the interest rate on deposits made by salaried workers to 8.25 percent for the fiscal year 2024. In FY 2012, EPFO's interest rate was 8.10 percent; in FY 2013, it was 8.15 percent.

Enhanced PF Accounts

Employee interest will increase by 0.10 percent going forward. This implies that employees' PF accounts will now have an interest rate of 8.25%. The Employees Provident Fund (EPF) declared an interest rate of 8.15 percent for accounts for 2022–2023 on March 28 of last year. In contrast, EPFO had projected interest for FY22 at 8.10%.

Sources said, "CBT has decided to give an interest rate of 8.25 percent on EPF for 2023-24." After the CBT decision, the interest rate on EPF for 2023-24 will be sent to the Finance Ministry for consent. After approval by the government, the interest rate will be credited to the accounts of more than six crore EPFO members.

EPFO's Dynamic Interest Rate Changes Over the Years

Remarkably, EPFO lowered the interest rate on provident fund deposits to 8.5 percent in March 2020 (it was 8.65 percent in 2018–19). It was 8.65 percent in 2016–17, 8.55 percent in 2017–18, and little higher at 8.8 percent in 2015–16 at the same period. In 2013–14 and 2014–15, the superannuation fund organisation provided a greater interest rate of 87.5%. On the other hand, the interest rate on PF was 8.25 percent in 2011–12 and 8.5 percent in 2012–13.

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