There is a big update for crores of salaried people of the country. The Employees’ Provident Fund Organization (EPFO) has maintained the interest rate for the Employees Provident Fund at 8.25 percent. This rate was previously raised to 8.25 percent in February 2024, up from 8.15 percent.
As per sources, during the EPFO board meeting, the Central Board of Trustees (CBT) has confirmed the interest rate at 8.25% for the financial year 2024-25. This decision was made during the CBT meeting held on February 28.The ministry said that the interest rate will be officially notified by the government. After this, EPFO will deposit the interest rate in the accounts of the members.
The interest rate has seen a decline from 8.65% to 8.25%
In March 2022, the EPFO lowered the interest rate for the financial year 2021-22 from 8.5% in 2020-21 to 8.1% for its over seven crore subscribers. According to a report, the CBT, which is the highest decision-making authority of the EPFO, decided on the 8.25% interest rate for EPF for the financial year 2024-25 during its recent meeting.
The 8.1% interest rate for 2020-21 marked the lowest since 1977-78, when the rate was set at 8%. In March 2020, the EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, while the rate was 8.65% for 2018-19.