EPFO's Bumper Return: 8.25% this year?

Sindujaa D N
The Employees' Provident Fund Organization (EPFO) has approved an increase in the interest rate on Provident Fund (PF), benefitting more than 7 crore account holders. The new interest rate approved is 8.25 percent for the financial year 2023-24. This marks an increase from the previous rates of 8.15 percent in the financial year 2022-23 and 8.10 percent in 2021-22.

The decision to raise the interest rate was made during a meeting of the Central Board of Trustees of EPFO. EPFO, which manages the Social Security Fund PF, has witnessed higher earnings this time, leading to the decision to offer a higher interest rate to account holders. The organization is set to distribute a record amount of Rs 1.07 lakh crore as interest this time, surpassing the Rs 1 lakh crore mark for the first time. 


EPFO has over 7 crore subscribers across the country, and it currently manages funds totaling around Rs 13 lakh crore. The interest earned by EPFO is a result of investments made in various avenues, including the stock market. Subscribers receive interest twice a year, and after the CBT's approval, the decision awaits final approval from the Finance Ministry. Once approved, the interest rates will be officially notified, and the interest money will be credited to the subscribers' accounts.


PF account holders can check their account balance and view information about the interest amount through various methods. This includes logging in directly to the EPFO website, using the Umang App, and checking balance through missed calls and messages. Despite the approval, subscribers are required to wait a bit longer until the final approval from the Finance Ministry is obtained for the interest rates to be credited.

Find Out More:

PF

Related Articles: