Employees Provident Fund Interest Rate Update: Soon, 8.15% interest on deposits into your Provident Fund account for FY 2022-23 will be credited. The Central Government has ratified 8.15% interest rate on EPF deposits for FY 2022-23. This rate is marginally higher than what was credited into the PF accounts of depositors by the EPFO for FY 2021-22.
On 28th March 2023, the Employees Provident Fund Organisation (EPFO) announced a margin increase in the EPF interest rate to 8.15 per cent for FY 2022-23. The 8.15% interest will apply to deposits made by over six crore EPF subscribers in FY 2022-23.
In an official order released today (July 24), the EPFO asked the Employees Provident Fund field offices for crediting the interest at 8.15 per cent on EPF for 2022-23 into the accounts of members.
“The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60 (1) of Employees’ Provident Fund Scheme, 1952 to credit interest @ for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme 1952,” retirement body EPFO said in a letter sent to field offices.
“You are accordingly, requested to issue necessary instructions to all concerned for crediting the said interest to the members’ accounts,” it added.
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The order came after the finance ministry’s concurrence to the EPF rate of interest approved by the EPFO’s Board of Trustees (CBAT) in March this year.
Now the EPFO field offices will start the process of crediting the internet into subscribers’ accounts.
In March 2022, the EPFO reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
(With PTI inputs)