New Delhi :
The Finance Ministry has granted approval for an 8.15 percent interest rate for the financial year 2022-23 on the Employees Provident Fund (EPF).
This increase comes after a recommendation from EPFO and subsequent acceptance by the Ministry of Finance.
EPF Interest Rate Raised
The Employees Provident Fund Organization (EPFO) has decided to raise the interest rate on EPF deposits for the financial year 2022-23 to 8.15 percent, up from the previous rate of 8.10 percent in 2021-22.
Following a two-day meeting in March, the EPFO announced this decision, which has now received official approval from the government.
Over five crore EPFO account holders will benefit from this increased interest rate in the coming financial year.
Old EPF Interest Rate
In March 2022, the EPFO had reduced the interest rate to 8.10 percent for the financial year 2021-22, the lowest rate since 1977-78 when it was 8.5 percent.
Notably, in March 2020, the interest rate on provident fund deposits had dipped to 8.5 percent, the lowest in seven months, while it stood at 8.65 percent for the financial year 2018-19.
With the Finance Ministry’s approval, EPF subscribers can look forward to higher returns on their investments for the upcoming financial year.