EPF Interest Rate: Retirement fund body EPFO is going to pay 8.15 percent interest for the last financial year 2022-23. EPFO has appealed to the members to maintain restraint and said that the interest money will be credited soon.
Recently, giving a big gift to the subscribers of Employees Provident Fund Organization (EPFO), the government has increased the interest rate on deposits in PF account by 0.05 percent. According to the circular issued on July 24, 2023, the interest rate on deposits in PF account has been increased from 8.10 per cent to 8.15 per cent for the financial year 2022-23. If you have a deposit of Rs 1 lakh in your account, then you will get an interest of Rs 8,150 on it. This means that you will get Rs 50 more interest per lakh as compared to last time.
At the same time, the subscribers of EPFO are waiting for the credit of the interest of the Employee Provident Fund, but the money is not yet visible. Subscribers are constantly asking questions about this from EPFO on Twitter. The answer has come from EPFO on this.
The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience
— EPFO (@socialepfo) August 4, 2023
EPFO gave this answer
An EPFO member tweeted that when will we add interest to our passbook for the financial year 2022-23. Responding to this, EPFO wrote that the process is in the pipeline and it will be credited soon. Interest will be credited as and when it is received and paid in full. There will be no loss of interest. Please be patient.
Interest is calculated on a monthly basis, although the interest in the EPF account is calculated on a monthly basis, but it is deposited at the end of the financial year. The transferred interest is added to the balance in the next month and is then compounded to calculate the interest rate on the remaining amount for that month.
