EPF Interest Rate Increased for FY2023-24, Highest in 3 years

Good News for Employee Provident Fund holders. Interest rate on balances in Employees Provident Fund (EPF) accounts has been finalized for the financial year 2023-24. Interest rate has been fixed at 8.25 percent for the ongoing financial year. Sources of EPFO revealed that the decision was taken in accordance to the same in the crucial meeting held on Saturday with the Central Board of Trustees.

Highest in the last three years

The decision of CBT will be sent to the Union Finance Department. The interest rate will be officially notified by EPFO after approval from the finance department. Post which the interest amount will be deposited by EPFO into the accounts of 6 crore EPF holders. Ahead of General Elections 2024, It seems that the Union Finance Department will soon approve the proposed interest rate by  CBT.

The latest Interest rate is slightly higher than last financial year. The interest rate for the financial year 2022-23 was fixed at 8.15 percent. Prior to that, 8.10 percent interest was paid in 2021-22 FY.

Here are the EPF interest rates in the last 10 years

  • 2013-14 : 8.75 percent
  • 2014-15 : 8.75 percent
  • 2015-16 : 8.8 percent
  • 2016-17 : 8.65 percent
  • 2017-18 : 8.55 percent
  • 2018-19 : 8.65 percent
  • 2019-20 : 8.5 percent
  • 2020-21 : 8.5 percent
  • 2021-22 : 8.1 percent
  • 2022-23 : 8.15 percent
  • 2023-24 : 8.25 percent
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