Government Approves 8.15% Interest Rate on EPF for 2022-23
July 25, 2023 : The government has approved an 8.15% interest rate on Employees' Provident Fund (EPF) for 2022-23. This is a marginal increase from the 8.10% interest rate that was offered for 2021-22.
The interest rate on EPF is determined by the Central Board of Trustees (CBT), which is the apex body of the Employees' Provident Fund Organisation (EPFO). The CBT takes into account a number of factors, including the performance of the economy, the rate of inflation, and the interest rates offered by other financial instruments, when setting the interest rate on EPF.
The 8.15% interest rate on EPF is a welcome news for millions of EPF subscribers. It will help them to grow their retirement savings corpus.
Here are some details about the interest rate on EPF for 2022-23:
- The interest rate will be applicable to EPF deposits made between April 1, 2022, and March 31, 2023.
- The interest rate will be credited to the EPF accounts of subscribers in the month of July 2023.
- The interest rate of 8.15% is the highest in the last four years. The interest rate on EPF was 8.5% in 2019-20, 8.65% in 2020-21, and 8.10% in 2021-22.
The government's approval of an 8.15% interest rate on EPF is a positive development. It will help to boost the retirement savings of millions of EPF subscribers.
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