EPFO Says EPF Rate Of 8.25% or EPF members notified by government for FY24

EPF Rate Hike: The Employee Provident Fund Organization (EPFO) said that the central government has notified 8.25 percent EPF rate for the financial year 2023-24. EPFO ​​has given this information on the social media platform X. EPFO ​​wrote in its post that the interest declared on the Employee Provident Fund is the highest in recent years and is higher than the interest rates of all other small savings schemes, GPF and PPF.

The Employee Provident Fund Organization wrote on X, the government has notified the 8.25 percent interest rate on EPF for the financial year 2023-24 to the members of the Employee Provident Fund in May 2024 itself. According to EPFO, generally after the end of the financial year, the interest rate of EPF is declared in the first quarter of the next financial year.

EPFO said, the interest rate declared on EPF for the financial year 2023-24 is the highest in recent years so that EPF members can get more benefits. According to EPFO, the interest rate declared on EPF is higher than the interest rates available on small savings schemes, GPF and PPF.

On February 10, 2023, the Central Board of Trustees had announced the EPF rate of 8.25 per cent for the financial year 2023-24.

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