Interest will be credited to the accounts of more than 7 crore EPFO members.
New Delhi: The central government has approved an interest rate of 8.25 percent on deposits in the Employees Provident Fund (EPF) for the financial year 2024-25. This was reported by news agency sources on Saturday. This interest rate was recommended for the financial year 2024-25 in the 237th meeting of the EPFO Central Board of Trustees chaired by Union Labour and Employment Minister Mansukh Mandaviya in February. Then it was sent to the Union Labour Ministry for approval. Which the Labour Ministry has approved.
As a result, interest will be credited to the accounts of more than 7 crore EPFO members. However, no date has been announced yet. Incidentally, the EPF interest rate was 8.15 percent in the financial year 2022-23. For 2023-24, it was increased to 8.25 percent. Then, the same interest rate was maintained in the financial year 2024-24 as well. However, the interest rate in the financial year 2021-22 was 8.1 percent, which is the lowest in four decades.
EPF members can know their account balance and interest information through the Umang app, EPFO portal or SMS. Incidentally, the Central Board of Trustees of EPFO proposes the amount of interest to be paid to the Provident Fund. At the end of every financial year, the members of the Board of Trustees meet. There, the draft of the annual interest of the EPF for that financial year is prepared. Then it is sent to the Finance Ministry. If the recommendation is approved by the Central Finance Ministry, the Provident Fund members get interest on that basis.
New Delhi: The central government has approved an interest rate of 8.25 percent on deposits in the Employees Provident Fund (EPF) for the financial year 2024-25. This was reported by news agency sources on Saturday. This interest rate was recommended for the financial year 2024-25 in the 237th meeting of the EPFO Central Board of Trustees chaired by Union Labour and Employment Minister Mansukh Mandaviya in February. Then it was sent to the Union Labour Ministry for approval. Which the Labour Ministry has approved.
As a result, interest will be credited to the accounts of more than 7 crore EPFO members. However, no date has been announced yet. Incidentally, the EPF interest rate was 8.15 percent in the financial year 2022-23. For 2023-24, it was increased to 8.25 percent. Then, the same interest rate was maintained in the financial year 2024-24 as well. However, the interest rate in the financial year 2021-22 was 8.1 percent, which is the lowest in four decades.
EPF members can know their account balance and interest information through the Umang app, EPFO portal or SMS. Incidentally, the Central Board of Trustees of EPFO proposes the amount of interest to be paid to the Provident Fund. At the end of every financial year, the members of the Board of Trustees meet. There, the draft of the annual interest of the EPF for that financial year is prepared. Then it is sent to the Finance Ministry. If the recommendation is approved by the Central Finance Ministry, the Provident Fund members get interest on that basis.
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