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EPFO fixes 8.15% interest rate on employees' provident fund for fiscal 2022-23

The EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21.

Edited By: India TV Business Desk New Delhi Published on: March 28, 2023 11:47 IST
EPFO fixes 8.15% interest rate on employees' provident fund
Image Source : PTI/REPRESENTATIVE EPFO fixes 8.15% interest rate on employees' provident fund for fiscal 2022-23

Employees' Provident Fund Organisation (EPFO) on Tuesday fixed an 8.15% rate of interest on employees’ provident fund (EPF) deposits for the fiscal year 2022-23. Earlier in March 2022, the EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5%  in 2020-21. According to reports, this was the lowest since 1977-78, when the EPF interest rate stood at 8%

"The Employees’ Provident Fund Organisation’s apex decision-making body Central Board of Trustees (CBT) has decided to provide an 8.15% rate of interest on EPF for 2022-23 at its meeting on Tuesday,” a source said.

EPF interest rate was decided by CBT

The 8.5% interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to the Ministry of Finance for concurrence.

After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO. EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.

ALSO READ: EPFO: Four ways to check EPF balances, including one without UAN number

EPFO had lowered the interest rate in March 2020

In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% provided for 2018-19.

EPFO had provided 8.65 per cent interest rates to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. The retirement fund body had given 8.75% rate of interest in 2013-14 as well as 2014-15, higher than 8.5% for 2012-13. The rate of interest was 8.25 per cent in 2011-12.

(With inputs from PTI) 

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