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EPF Interest Rate: If you are a salaried class then it is very important for you to stay updated with this news. In February 2024, the Employees' Provident Fund Organization (EPFO) had announced to increase the interest rate on the Provident Fund for the financial year 2023-24. EPFO had increased the interest rate from 8.15% to 8.25% for 2023-24. But the government has not transferred the EPF interest to the accounts for the financial year 2023-24. In such a situation, many people are interested to know when the EPF interest will come to their account.
The entire interest will be paid in one go
Recently an EPF member had asked a question regarding the interest received on X. In response to the question, EPFO said that the process of depositing interest is going on. It is possible that money will start appearing in your account very soon. Whenever interest is credited, its entire payment will be made in one go. You will not suffer any loss due to interest. Sources say that the interest received on EPF from the government can be transferred soon.
Money deposited in the accounts of more than 28 crore people
The interest for the financial year 2022-23 was deposited by EPFO in the accounts of 28.17 crore members by the end of the financial year 2023-2024. Employees Provident Fund (EPF) is often known as PF (Provident Fund). It is an important savings and pension scheme for working employees. When the employee retires, he gets the money from this fund. You can file a claim for withdrawal or transfer of funds on behalf of an EPF member both online and offline.
Provision to deposit 12% in EPF account
Employee Provident Fund (EPF) is an important savings scheme for salaried employees in companies with 20 or more employees. Under the EPF and MP Act, the employee has to deposit 12% of his monthly income in the EPF account, apart from this the same amount is also deposited by the company. The entire contribution made by the employee is deposited in the EPF account, but of the money deposited on behalf of the company, 3.67% is deposited in the EPF account. The remaining 8.33% goes to the Employees' Pension Scheme (EPS).
What is the interest rate?
The Employee Provident Fund (EPF) interest rate for the financial year 2023-2024 has recently been increased from 8.15% to 8.25%. This means that now you will get more interest than before on the amount deposited in your EPF account. According to PIB, the EPF board had recommended distributing a record amount of Rs 1.07 lakh crore in members' accounts last year.