“The CBT has decided to provide an 8.25 percent rate of interest on EPF for 2023-24,” a source told PTI. Following the CBT’s decision, the interest rate on EPF for 2023-24 will be submitted to the Ministry of Finance for concurrence. Once ratified by the government, the interest rate will be credited into the accounts of over six crore EPFO subscribers. Historical ContextIn March 2020, the EPFO reduced the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, down from 8.65 percent in 2018-19. The retirement fund body had provided a higher interest rate of 8.75 percent in 2013-14 and 2014-15, compared to 8.5 percent for 2012-13, while the rate of interest was 8.25 percent in 2011-12.

Source: Mint February 10, 2024 15:12 UTC