The Employees Provident Fund Organization ( EPFO ) has decided to retain the interest rate of 8.25 percent on Provident Fund deposits i.e. EPF for 2024-25. This interest is equal to the previous financial year.
This means that there has been no increase in the interest rate. Now a decision is to be taken on small savings schemes like Public Provident Fund and Sukanya Samriddhi for the next quarter. This decision will be taken before March 31. It is believed that the government may cut the interest rate of small savings schemes.
What is the reason
In fact, in the month of December, the Reserve Bank of India (RBI) has cut the repo rate. After this, to promote consumption, the Finance Ministry may consider reducing the rates for small savings schemes in the next financial year. Let us tell you that the interest rates on Sukanya Samriddhi have been kept at 8.2 percent and the interest rates on post office savings deposit schemes apart from PPF have been retained at 7.1 percent and 4 percent respectively.
What is the decision on EPF?
The Ministry of Labor said that the Central Board of Trustees (CBT) in its meeting on Friday has decided to give 8.25 percent interest on Employees’ Provident Fund (EPF) for 2024-25. The ministry said that the interest rate will be officially notified by the government. After this, EPFO ​​will deposit the interest rate in the accounts of the members.
According to the statement, the decision on the interest rate was taken at the 237th meeting of the Central Board of Trustees of EPFO ​​chaired by Union Labor and Employment Minister Mansukh Mandaviya here on Friday . The ministry said that compared to many other fixed income instruments, the Employees Provident Fund (EPF) offers relatively high and stable returns, ensuring a steady increase in savings. Let us tell you that in February 2024, the EPFO ​​​​had marginally increased the interest rate on EPF from 8.15 percent in 2022-23 to 8.25 percent for 2023-24.
Related Articles:-
- Gratuity Calculation: Gratuity is included in CTC, know the complete calculation and how it affects the salary structure
- Air India has launched ‘PayDay Sale’, Xpress Value fares starting at ₹1,535
- EDLI Scheme: Government has made many important changes in the EDLI scheme, know how EPF members will benefit
- School Closed: School holidays extended in this state after heavy snowfall, many roads blocked
- New Passport Rules : Govt changed the rules of passport, this document will be necessary only for identification
