You must keep up with this news if you belong to the salaried class. The Employees Provident Fund Organization (EPFO) declared in February 2024 that it would raise the Provident Fund interest rate for the 2023–2024 fiscal year. For 2023–2024, EPFO raised the interest rate from 8.15% to 8.25%. However, the government hasn’t deposited the EPF interest for the 2023–2024 fiscal year into the accounts. Many PF account holders in this circumstance are curious to find out when their account will get the interest from their EPF.
Interest will be paid in full at one time.
A member of the EPF had recently questioned regarding interest in X. In response, EPFO stated that the procedure for depositing interest is going on. Money may appear in your account very soon. Whenever the interest is deposited, its full payment will be made in one go. You will not suffer any loss regarding interest. Sources say that the interest received on EPF from the government can be transferred soon.
Funds added to the accounts of almost 28 crore PF account holders
Interest for the fiscal year 2022–2023 was deposited by the EPFO in the accounts of 28.17 crore members by the end of the 2023–2024 fiscal year. PF (Provident Fund) is another name for the Employees’ Provident Fund (EPF). For those who are employed, it is a crucial pension and savings plan. The money from this fund is given to the employee upon his retirement. On behalf of the EPF member, withdrawal or transfer requests may be made both online and offline.
A 12% deposit is allowed into the EPF account.
The Employee Provident Fund (EPF) is a crucial savings program for salaried-class workers in organizations employing twenty or more people. According to the MP and EPF Act, the employee has to deposit 12% of his monthly income in the EPF account, apart from this, the same amount is deposited by the company. The entire contribution made by the employee is deposited in the EPF account, but out of the money deposited by the company, 3.67% is deposited in the EPF account. The remaining 8.33% goes to the Employees’ Pension Scheme (EPS).
What is the rate of interest?
The Employees Provident Fund (EPF) has raised its interest rate from 8.15% to 8.25% effective for the 2023–2024 fiscal year. This implies that the money deposited into your EPF account will now earn you greater interest. The EPF Board had suggested last year that a record sum of Rs 1.07 lakh crore be deposited into the members’ accounts, according to PIB.
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