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Home EPF PF Interest Rate Increased: The interest rate on deposits in PF account...
  • EPF

PF Interest Rate Increased: The interest rate on deposits in PF account has been increased by 0.05 percent

By
Pravesh Maurya
-
July 28, 2023
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    New Delhi. Recently, giving a big gift to the subscribers of Employees Provident Fund Organization (EPFO), the government has increased the interest rate on deposits in PF account by 0.05 percent. According to the circular issued on July 24, 2023, the interest rate on deposits in PF account has been increased from 8.10 per cent to 8.15 per cent for the financial year 2022-23.

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    Significantly, the EPFO ​​board had fixed the interest rate of 8.15 per cent on the EPF account in March for the financial year 2022-23. The EPFO ​​board had sent this proposal to the finance ministry for approval. Now it has been approved.

    The interest rate had reached the lowest level in 40 years for 2021-22.

    For the financial year 2021-22, the government had approved the lowest interest rate of 4 decades on EPF deposits at 8.1 percent. The 8.1 per cent interest rate on EPF was the lowest since 1977-78. The interest rate of 8.5 per cent on EPF deposits for the financial year 2020-21 was fixed by the Central Board of Trustees in March 2021.

    At what rate interest has been received on PF in the last 6 financial years.

    8.65 per cent in 2016-17 8.55 per cent
    in 2017-18 8.65 per cent
    in 2018-19 8.50 per cent
    in 2019-20 8.50 per cent
    in 2020-21
    8.10 per cent in 2021-22
    8.15 per cent in 2022-23

    What is Provident Fund

    Significantly, EPFO ​​has been created by the government to handle the Employee Provident Fund (EPF). This institution takes care and safeguards the money of the fund. EPF is a scheme in which an employee deposits some part of his salary. This money is deposited in his provident fund ie for further expenses. For employed people, EPF money is their lifetime earnings. Withdraws the money deposited in this scheme after retirement. In certain circumstances, money can be withdrawn even earlier.

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      Pravesh Maurya
      Pravesh Maurya
      https://www.rightsofemployees.com/
      Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com
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