Govt Approves 8.15% EPF Interest Rate For FY22-23

The government declared the revised interest rate for Employees’ Provident Fund (EPF) accounts for the financial year 2022-2023 on Monday. The interest rate currently stands at 8.15 per cent as per the retirement body Employees Provident Fund Organisation (EPFO) in a circular dated 24 July 2023. 

The organisation has asked the field offices to credit the employee's accounts with the new interest rate of 8.15 per cent for the financial year 2022-23. 

The circular represented the approval of the ministry of labour and employment and central government on the revision of the EPF scheme and requested credit for the respective year as per the interest rate of 8.15 per cent. 

The decision came after the finance ministry’s concurrence to the EPF rate of interest approved by EPFO in March this year. 

In March 2022, the EPFO lowered the interest rate from 8.5 per cent to 8.10 per cent, marking the lowest interest rate in four decades.