New Delhi, 28 February: The Employees’ Provident Fund Organization (EPFO) has retained the interest rate of 8.25 percent on Employees’ Provident Fund (EPF) deposits for the current financial year 2024-25. After the approval of the government, interest on EPF will be credited to the accounts of more than 7 crore subscribers of EPFO.
Earlier, in February 2024, the EPFO โโhad marginally increased the interest rate on EPF to 8.25 percent for 2023-24, which was 8.15 percent in 2022-23. Now the Central Board of Trustees (CBT), the apex decision making body of EPFO, in its meeting today has decided to give 8.25 percent interest on EPF for 2024-25.
After the decision of the CBT, the interest rate on EPF deposits for 2024-25 will be sent to the Finance Ministry for approval. After the approval of the government, the interest rate on EPF for 2024-25 will be credited to the accounts of more than seven crore subscribers of EPFO.
EPFO provides interest rates only after approval from the government through the Finance Ministry. In March 2020, EPFO โโreduced the interest rate on provident fund deposits for 2019-20 to a seven-year low of 8.5 per cent, while for 2018-19 this rate was 8.65 per cent.
