PF Interest Rates: EPFO fixed interest rate at 8.25 percent on Employees’ Provident Fund deposits for 2024-25. EPFO maintained the rate at 8.25% amid falling market and bond yields.
The EPFO Central Board of Trustees (CBT), the apex decision making body of the retirement fund body, met today to decide the interest rate for the financial year 2024-25, in which this decision was taken. Retirement fund body Employees’ Provident Fund Organization (EPFO) on Friday retained the interest rate of 8.25 percent on Employees’ Provident Fund (EPF) deposits for 2024-25. The Employees’ Provident Fund Organization (EPFO) in February 2024 had marginally increased the interest rate on EPF from 8.15 percent in 2022-23 to 8.25 percent for 2023-24.
In March 2022, EPFO had reduced the interest rate on EPF for 2021-22 for its more than 7 crore subscribers to a 4-decade low of 8.1 percent, from 8.5 percent in 2020-21. The interest rate on EPF for 2020-21 was 8.10 percent. This is the lowest since 1977-78, when the EPF interest rate was eight percent. EPF interest rates have fluctuated in the last 8 years. In the year 2016-17, this rate was 8.65 percent. In 2023-24, the government fixed the interest rates at 8.25 percent. At what rate has interest been available on PF in the last 8 years.
- 8.65 percent in the financial year 2016-17
- 8.55 percent in the financial year 2017-18
- 8.65 percent in the financial year 2018-19
- 8.50 percent in the financial year 2019-20
- 8.50 percent in the financial year 2020-21
- 8.10 percent in the financial year 2021-22
- 8.15 percent in the financial year 2022-23
- 8.25 percent in the financial year 2023-24
- 8.25 percent in the financial year 2024-25
A source said that the Central Board of Trustees (CBT), the apex decision making body of the EPFO, in its meeting on Friday has decided to give 8.25 percent interest on EPF for 2024-25. The 8.5 percent interest rate on EPF deposits for the financial year 2020-21 was decided by the CBT in March 2021.
After the decision of the CBT, the interest rate on EPF deposits for 2024-25 will be sent to the Finance Ministry for approval. After the approval of the government, the interest rate on EPF for 2024-25 will be credited to the accounts of more than 7 crore subscribers of EPFO. The EPFO provides interest rates only after approval by the government through the Finance Ministry.
What is EPF
EPF i.e. Employee Provident Fund is a government scheme that helps employees to save for the future. Under this, employees deposit a part of their salary in EPFO.
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