EPF Interest Rate: Good News for Employees; Interest rate increased to 8.25%

EPF Interest Rate: Employees who expected a huge increase in (Employees’ Provident Fund) EPF interest rate are disappointed this time too. There has been a slight increase in the interest rate on EPF accounts. EPF Interest Rate: Good News for Employees; Interest rate increased to 8.25%.

The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization (EPFO) has fixed the interest rate of 8.25 per cent for the year 2023-24 on EPF accounts. This will benefit more than six crore subscribers. On March 28 last year, EPFO ​​had fixed the interest rate on EPF accounts for the year 2022-23 at 8.15 percent.

In the financial year 2022, EPF has credited 8.10% interest. Monthly salary earners have Employees’ Provident Fund (EPF) accounts. It is an investment plan for retirement. A portion of the employee’s salary is deposited into the EPF account every month. Similarly, the employer (company or organization) also deposits a certain amount into this account. The money invested in this account earns interest every year.

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Every month an employee contributes 12% of his salary to the EPF account. In this, the employer will deposit 3.67% to the EPF account. The remaining 8.33% is credited to Employees’ Pension Scheme (EPS). Now the interest rate on EPF is revised every year after discussion with the Finance Ministry.

After considering the recommended rates, the Ministry of Finance will issue a final rate notification. Now the interest rate is credited only once in a year to the provident fund account of the employees. This is done on 31st March of every financial year. Similarly, the EPF interest rate is credited to the account once a year, but only the interest is calculated every month.

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Interest is calculated on the basis of the closing balance of each month and the closing balance of the entire year. After Narendra Modi-led government came to power in 2014, EPF interest rate has changed between 8.80% and 8.10%. In the year 2014-15, the EPF interest rate was 8.75%. In the year 2015-16, it had increased to 8.80%. After that it was between 8.65% and 8.50% till 2020-21. However, after the emergence of Covid, it was reduced to 8.10% in the year 2021-22.

Step to check EPF balance:

Step 1: Visit EPFO ​​official website epfindia.gov.in.

Step 2: Click on the ‘Services’ section. Click on ‘For Employees’ option under this section.

Step 3: Now a new page will open in front of you. Now click on ‘Member Passbook’. Now the login page will open.

Step 4: Here you enter your UAN number (UAN) and password. Captcha code also needs to be entered. After this your pass book will appear.