Employees’ Provident Fund Organization (EPFO) has given the gift of increased interest rates to EPF members (EPF Interest Rate Hike). EPFO has revised the interest rates to 8.15 percent for the members of Employee Pension Fund for the financial year 2022-23.
This will benefit about 6 crore active members of EPFO. The benefit of new interest rates will also be given to the EPF account holders of VPF and Trust.
The meeting of the Central Board of Trustees (CBT) of EPFO, which started on Monday, continues on Tuesday, March 28. According to EPFO, the interest rate for the financial year 2022-23 has been fixed at 8.15 percent. The Central Board has recommended depositing 8.15 per cent annual interest rate on EPF in the accounts of the members for the financial year 2022-23.
This interest rate will be officially implemented after the approval of the Finance Ministry. After this, EPFO will deposit the amount of interest rate in the accounts of its customers.
According to EPFO, the interest rate of EPF account has been increased by 0.05 percent, after which the interest rate of total EPF account has been increased to 8.15 percent. Let us inform that last year for the financial year 2021-22, EPFO had fixed the interest rate for EPF account at 8.10 percent.
EPFO will start crediting interest rate in EPF accounts after the announcement of the Finance Ministry. This notified interest rate will also be applicable on Voluntary Provident Fund (VPF) deposits. Employees who have their EPF accounts with exempted trusts will also get this rate of interest on their EPF deposits. The rate of interest of EPF being increased to 8.15% guarantees an increase in income to the members. At the same time, the interest rate of 8.15 percent and the surplus of 663.91 crores is more than the previous year.