The Centre has officially approved an interest rate of 8.15 per cent for deposits in the Employees Provident Fund (EPF) scheme for the financial year 2022-23.
On March 28, 2022, the EPFO slightly increased the interest rate on EPF deposits to 8.15 per cent for the year 2022-23, benefiting its more than 6 crore subscribers.
As per the latest official order, the EPFO has instructed its field offices to credit the 8.15 per cent interest on EPF deposits for 2022-23 into the accounts of its members.
This decision was made after the finance ministry’s approval of the EPF interest rate that was previously endorsed by the EPFO trustees in March 2022.
Now, the EPFO field offices will commence the process of crediting the interest into the accounts of their subscribers.
In March 2022, the Employees’ Provident Fund Organisation (EPFO) revised the interest rate on EPF deposits for 2021-22 to a historically low rate of 8.10 per cent, down from 8.5 per cent in 2020-21.
This marked the lowest interest rate since 1977-78 when it was at 8 per cent.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.