EPF Interest Rate: The government had increased the interest rate on PF amount for the last financial year by 10 basis points to 8.25 percent. Now it is expected that the interest money will be transferred to the account by the government soon.
EPF Interest Rate: If you are also a salaried class then this news is of your use. In February 2024, the Employees Provident Fund Organization (EPFO) had announced to increase the interest rate on Provident Fund for the financial year 2023-24. EPFO increased the interest rate of 8.15% last year to 8.25% for 2023-24. But till now the EPF interest for the financial year 2023-24 has not been given by the government. In such a situation, many people are keen to know when the EPF interest will be received.
The process of depositing interest continues
Recently, a question was asked by an EPF member on the social media platform X regarding interest. In response to the question, EPFO said that the process of depositing interest is going on. It is possible that money will be seen in your account very soon. Whenever the interest is deposited, its full payment will be made in one go. You will not suffer any loss regarding interest. Sources say that the interest received on EPF by the government can be transferred after the budget i.e. July 23.
Facility to withdraw money online and offline
By the end of the financial year 2023-2024, interest for the financial year 2022-23 was deposited by EPFO in the accounts of 28.17 crore members. The Employees’ Provident Fund (EPF) is often known as PF (Provident Fund). It is an important savings and pension plan for working employees. When the employee retires, he gets the money of this fund. You can file a claim to withdraw or transfer the amount both online and offline on behalf of the EPF member.
12% has to be deposited in the EPF account
The Employees’ Provident Fund (EPF) is an important savings scheme for salaried class employees in companies with 20 or more employees. Under the EPF and MP Act, the employee has to deposit 12% of his monthly income in the EPF account, apart from this, the same amount is deposited by the company. The entire contribution made by the employee is deposited in the EPF account, but out of the money deposited by the company, 3.67% is deposited in the EPF account. The remaining 8.33% goes to the Employees’ Pension Scheme (EPS).
What is the interest rate?
The interest rate of the Employees’ Provident Fund (EPF) for the financial year 2023-2024 has been increased from 8.15% to 8.25% recently. This means that you will now get more interest on the amount deposited in your EPF account than before. According to PIB, the EPF Board had recommended distributing a record amount of Rs 1.07 lakh crore in the accounts of the members last year.
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