EPFO Hikes Interest Rate To 3-Year High At 8.25% for FY24

EPFO, the retirement fund body, on Saturday set a three-year high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24.

In March 2023, the Employees' Provident Fund Organisation (EPFO) raised the interest rate on EPF to 8.15 per cent for 2022-23, up from 8.10 per cent in 2021-22.

In March 2022, EPFO reduced the interest rate on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, down from 8.5 per cent in 2020-21.

Following the Central Board of Trustees (CBT) decision, the interest rate on EPF deposits for 2023-24 would be submitted to the Ministry of Finance for approval. Following government certification, the EPF interest rate for 2023-24 would be credited to the accounts of nearly six crore EPFO users.  

EPFO only provides the interest rate when it has been ratified by the government through the finance ministry.