New pf interest rate-Now you will get great interest on PF, EPFO ​​increased the interest rate, highest in 3 years

By Sudhakar Yadav February 10, 2024 1:02 PM IST
New interest rate on PF- India TV Paisa
Photo: PIXABAY New interest rate on PF

Interest rate on PF: Employees Provident Fund Organization i.e. EPFO ​​has fixed the interest rate on Employees Provident Fund (EPF) at 8.25 percent for the financial year 2023-24. This is the highest interest rate in the last three years. In March last year, EPFO ​​had increased the interest rate to 8.15 percent for the financial year 2022-23. In 2021-22 it was 8.10 percent. In March 2022, EPFO ​​had reduced the interest rate for the financial year 2021-22 to 8.10 percent, which was the lowest since 1977-78. At that time the interest rate on PF was 8 percent.

The new interest rate will be 8.25%

The decision to give 8.25 percent interest rate for the financial year 2023-24 was taken by the Central Board of Trustees (CBT), the top decision-making body of EPFO, during its meeting on Saturday, February 10. “CBT has decided to give 8.25 per cent interest rate on EPF for 2023-24,” a source told PTI. 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.

The interest rate was 8.75 percent in 2014-15

In March 2020, EPFO ​​had reduced the interest rate on provident fund deposits to 8.5 per cent, from 8.65 per cent in 2018-19. Over the past few years, EPFO ​​interest rates have seen fluctuations. It was 8.65 percent in 2016-17, 8.55 percent in 2017-18 and slightly higher at 8.8 percent in 2015-16. The superannuation fund body had offered a higher interest rate of 8.75 per cent in 2013-14 and 2014-15. Whereas for 2012-13 the interest rate on PF was 8.5 percent and in the year 2011-12 the interest rate was 8.25 percent.

Latest Business News