EPF Rate Update: The government has notified the EPF rate of 8.25 percent for the financial year 2023-24. Now EPF members are waiting for the interest amount to be credited.
EPF Rate Update: The Employee Provident Fund Organization (EPFO) said that the central government has notified the EPF rate of 8.25 percent for the financial year 2023-24. EPFO has given this information on the social media platform X. EPFO wrote in its post that the interest declared on the Employee Provident Fund is the highest in recent years and is higher than the interest rates of all other small savings schemes, GPF and PPF.
Government’s seal on EPF rate
The Employee Provident Fund Organization wrote on X, the government has notified the 8.25 percent interest rate on EPF for the financial year 2023-24 to the members of the Employee Provident Fund in May 2024 itself. According to EPFO, generally after the end of the financial year, the interest rate of EPF is declared in the first quarter of the next financial year.
Attention EPF Members
The rate of interest for the Financial Year 2023-24 @ 8.25% for EPF members has been notified by the government in May of 2024. @LabourMinistry @mygovindia @MIB_India @PIB_India #EPFO #IntrestRate #EPFO #HumHainNaa #EPFOwithYou #ईपीएफओ
— EPFO (@socialepfo) July 11, 2024
Generally rate of interest is declared after end of Financial Year (FY) in first quarter of ensuing FY.
This is the highest interest rate declared in recent years for better benefit to members & is significantly more than all other small scale savings, GPF & PPF interest rates.— EPFO (@socialepfo) July 11, 2024
EPFO said, the interest rate declared on EPF for the financial year 2023-24 is the highest in recent years so that EPF members can get more benefit. According to EPFO, the interest rate declared on EPF is higher than the interest rates available on small savings schemes, GPF and PPF.
On 10 February 2023, the Central Board of Trustees announced the EPF rate of 8.25 percent for the financial year 2023-24. A decision was taken on the EPF rate of 8.25 percent for the financial year 2023-24 under the chairmanship of the then Labor Minister Bhupendra Yadav. Now EPF members are waiting for the interest amount to be credited.
