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EPFO rate of interest 2024-25: Panel retains 8.25 per cent rate of interest on EPF deposits
EPFO rate of interest 2024-25: The retirement fund physique marginally elevated the rate of interest of EPF to eight.25 per cent for 2023-24 in February final 12 months.
The Staff’ Provident Fund Organisation (EPFO) on Friday retained an rate of interest of 8.25 per cent on staff’ provident fund (EPF) deposits for 2024-25, information company PTI quoted sources as saying.
“The EPFO’s apex determination making physique Central Board of Trustees (CBT) has determined to offer 8.25 per cent fee of curiosity on EPF for 2024-25 at its assembly on Friday,” the supply was quoted as saying.
The retirement fund physique marginally elevated the rate of interest of EPF to eight.25 per cent for 2023-24 in February final 12 months. Earlier, the speed of curiosity on deposits was 8.15 per cent in 2022-23.
EPFO rate of interest at a four-decade low
In March 2022, EPFO had lowered the curiosity on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over seven crore subscribers, from 8.5 per cent in 2020-21.
This was the bottom rate of interest supplied by the retirement fund physique since 1977-78, when the EPF rate of interest stood at 8 per cent.
The 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by CBT in March 2021.
After the CBT’s determination, the rate of interest on EPF deposits for 2024-25 shall be despatched to the Ministry of Finance for concurrence.
After the federal government’s ratification, the rate of interest on EPF for 2024-25 shall be credited into the accounts of over seven crore subscribers of EPFO.
EPFO gives the speed of curiosity solely after it’s ratified by the federal government via the finance ministry.
In March 2020, EPFO had lowered the rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent offered for 2018-19.
EPFO had offered 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18.
The speed of curiosity was barely increased at 8.8 per cent in 2015-16. The retirement fund physique had given 8.75 per cent fee of curiosity in 2013-14 in addition to 2014-15, increased than 8.5 per cent for 2012-13.
The speed of curiosity was 8.25 per cent in 2011-12.
With PTI inputs
