EPFO: The Employee Provident Fund Organisation (EPFO) declared that the 8.25% interest rate for the Employee Provident Fund (EPF) for the fiscal year 2023–2024 has been approved by the central government. The announcement was made public on the social networking site X, where EPFO made note of the fact that the interest rate is higher than it has been in a while and higher than that of GPF, PPF, and other small savings schemes.
Government Notifies EPF Interest Rate
In a recent post on X, EPFO revealed that the government officially notified the 8.25% interest rate for the financial year 2023-24 to EPF members in May 2024. Usually, the EPF interest rate is announced in the first quarter of the next financial year, following the end of the financial year.
Highest Interest Rate in Recent Years
The EPFO noted that in an effort to give EPF members more benefits, this 8.25% interest rate is the highest to be announced in recent years. The EPFO makes sure its members get the most out of their savings by providing a greater interest rate than modest savings plans, GPF and PPF.
Decision by the Central Board of Trustees
Under the direction of the former labour minister Bhupendra Yadav, the Central Board of Trustees said on February 10, 2023, that the EPF rate for the 2023–2024 fiscal year will be 8.25%. EPF members, who are now anxiously anticipating the crediting of the interest amount, consider this action to be a major step towards improving their benefits.
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