EPFO Interest Rates: For the financial year 2016-17, the government had approved 8.65 percent interest rate on EPF deposits. EPFO has announced increase in interest rates for the financial year 2023-24. 8.25 percent interest rate on PF has been approved for the financial year 2023-24 (FY24).
Retirement fund body EPFO has given a big gift to crores of employees of the country. Actually, Employees Provident Fund Organization i.e. EPFO on Saturday fixed the interest rate on EPF deposits at 8.25 percent for 2023-24. This is the highest in the last 3 years. Let us also know at what rate the interest has been received in the last 8 years.
Let’s start it from 2016-17. That year the interest rate on EPF was 8.65 percent. After one year, in 2017-18, this rate came down to 8.55 percent. In 2018-19, the interest rate on EPF was increased to 8.65 percent. In 2019-20, the government set the interest rates at 8.5 percent.
The same rate remained the same in 2020-21 and pensioners continued to get 8.5 percent interest on the amount deposited in EPF. For the financial year 2021-22, the government had approved the lowest interest rate on EPF deposits of 8.1 percent in 4 decades. In 2022-23, the interest rate of EPF was increased to 8.15 percent.
At what rate has interest been received on PF in the last 8 years?
8.65 percent in 2016-17 8.55 percent
in 2017-18 8.65 percent
in 2018-19 8.50 percent
in 2019-20 8.50 percent
in 2020-21 8.10 percent
in 2021-22 8.15 percent
in
2022-23 8.25 percent in 2023-24
What is EPF?
EPFO has been created by the government to handle the Employee Provident Fund (EPF). This organization takes care and maintains the fund’s money. EPF is a scheme in which an employee deposits some part of his salary. This money is deposited in his provident fund i.e. for further expenses. For employed people, EPF money is their lifetime earnings. The money deposited in this scheme is withdrawn after retirement. In some special circumstances, money can be withdrawn even earlier.
