EPFO Fixes 8.15% Interest Rate on EPF Deposits for Fiscal Year 2022-23
Posted on: 28/Mar/2023 12:22:24 PM
The Employees’ Provident Fund Organisation (EPFO) has fixed an 8.15% rate of interest on employees’ provident fund (EPF) deposits for the fiscal year 2022-23, which is slightly higher than the 8.1% interest rate announced for 2021-22. The decision was taken by the Central Board of Trustees (CBT), the EPFO’s apex decision-making body. The CBT had lowered the interest rate for 2021-22 to a four-decade low of 8.1% earlier in March 2022, from 8.5% in 2020-21.
The interest rate for 2022-23 will now be sent to the Ministry of Finance for concurrence, after which it will be credited into the accounts of over five crore EPFO subscribers. The EPFO has lowered the interest rate in the past, including to a seven-year low of 8.5% for 2019-20. The decision has been welcomed by subscribers, who rely on their EPF deposits for retirement savings.
