Lagatar24 Desk
New Delhi, July 24: For the financial year 2022–2023, the government has approved an interest rate of 8.15 per cent on deposits made under the Employees Provident Fund scheme.
The retirement fund organization EPFO (Employees’ Provident Fund Organisation) slightly increased the interest rate on Employees’ Provident Fund (EPF) deposits for its more than six crore subscribers to 8.15 per cent for 2022–23 on March 28, 2023.
The EPFO has requested that the field offices credit the members’ accounts with the 8.15 per cent interest on EPF for 2022–2023 as per a formal order published on Monday.
The order was issued following the Finance Ministry’s agreement to the EPF rate of interest that EPFO trustees had earlier this year in March authorised.
Now, the interest will begin to be credited to subscribers’ accounts through the EPFO field offices.
Employees’ Provident Fund Organisation (EPFO) lowered the interest rate on EPF deposits for 2021–2022 in March 2022 from 8.5 per cent in 2020–2021 to a four-decade low of 8.10 per cent.
The EPF interest rate hadn’t been this low since 1977–1978 when it was 8%.
