EPF Rate Hike: Government notified 8.25% EPF rate for financial year 2023-24, check details

New Delhi. Good news has come for 7 crore PF account holders. The Finance Ministry has approved the interest rate of 8.25 percent. Earlier in February, the Central Board of Trustees, the committee that takes decisions regarding PF, had announced the interest rate of 8.25 percent. Now the ministry has approved it.

EPFO reviews interest rates based on the income earned from investments in debt and equity. In the last quarter of every financial year, CBT recommends interest rates. This interest rate is almost fixed which is sent to the Center for approval. It is not necessary that every time the recommendation is made to increase the interest rate. This recommendation can also be to not make any change or to reduce the interest rate.

EPFO has given this information through a tweet on the social media platform X. The tweet reads, “EPF members please note. The interest rate of 8.25 per cent for the financial year 2023-24 has been notified by the Central Government from May 2024.”