New Delhi: The Employees’ Provident Fund Organisation (EPFO) board announced revised interest rate for 2024-25. The authority has retained fixed 8.25 per cent interest rates on employees’ provident fund deposits for 2024-25. The EPFO’s apex decision-making body, Central Board of Trustees (CBT), retained the previous year’s EPF deposits interest rates after they were increased marginally to 8.25 percent for 2023-24, from 8.15 percent in 2022-23.
After the CBT’s decision, the interest rate on EPF deposits for 2024-25 will be sent to the Ministry of Finance for concurrence. EPF deposit interest rates were reduced to a four-decade low mark of 8.1% in 2021-22. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
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The present EPF deposits interest rate is significantly lower than the EPF deposits rate for the year 2015-16, when it used to be 8.8 per cent. After that, the EPFO gradually reduced the EPF deposit rate for its crores of subscribers. There was a significant reduction in the EPF deposit rate during the COVID pandemic.
In March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent provided for 2018-19. EPFO had provided an 8.65 percent interest rate to its subscribers in 2016-17 and 8.55 percent in 2017-18.
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