The EPF interest rate remains the same.
The EPFO has retained the interest rate of 8.25% for the financial year 2024-25 on employee provident fund deposits. This rate, unchanged from 2023-24, is set to benefit over seven crore subscribers once approved by the Ministry of Finance.
New Delhi: The Employees' Provident Fund Organisation (EPFO) board on Friday decided to retain the interest rate at 8.25% for the financial year 2024-25 on employee provident fund deposits. In February 2024, the EPFO had slightly increased the EPF interest rate for the financial year 2023-24 to 8.25%. The same interest rate will continue for the financial year 2024-25, as confirmed by the retirement fund body, EPFO.
The Employees' Provident Fund Organisation had slightly raised the EPF interest rate to 8.25% for the 2023-24 financial year, up from 8.15% in 2022-23. In March 2022, the EPFO had reduced the interest rate on EPF deposits for the year 2021-22 to 8.1%, down from the highest rate of 8.5% in 2020-21. This was the lowest in four decades. The lowest rate previously was in the year 1977-78.
The EPFO's highest decision-making body, the Central Board of Trustees (CBT), decided in a meeting on Friday to keep the EPF interest rate at 8.25% for 2024-25. After the CBT's decision, the interest rate for EPF deposits for the year 2024-25 will be sent to the Ministry of Finance for approval. After government approval, the interest for 2024-25 will be credited to the accounts of over seven crore EPFO subscribers. The interest will be credited to the subscribers' accounts only after receiving approval from the Ministry of Finance.
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