New Delhi. Once the Provident Fund (PF) interest rate used to be 8.65 percent. It has decreased over time and an interest rate of 8.1 percent was approved in PF for the fiscal year 2021-22 (FY22). According to the news, the government may keep the interest rate on PF deposits at around 8 percent for the fiscal year 2022-23 (FY23).
According to the report, the Central Board of Trustees (CBT) of the Employee Prevent Fund Organization (EPFO) will meet later this month or early March to decide the PF interest rate for the fiscal year. 2022-23 The meeting is expected to take place. After this, based on 2022-23 earnings, he will be recommended by the Finance, Investment and Audit Committee.
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The interest rate had reached the lowest level in 4 decades by 2021-22
For the 2021-22 fiscal year, the government had approved 8.1 percent, the lowest interest rate in 4 decades on EPF deposits. The 8.1 percent interest rate on EPF was the lowest since 1977-78. The 8.5 percent interest rate on EPF deposits for the 2020-21 fiscal year was set by the Central Board of Trustees in March 2021.
Let us know at what interest rate you have received in PF in the last 6 years.
8.65 percent in 2016-17
8.55 percent in 2017-18
8.65 percent in 2018-19
8.50 percent in 2019-20
8.50 percent in 2020-21
8.10 percent in 2021-22
Also read this: Is your money also deposited in PF? If these things are not taken care of, all the money will be wasted, you will continue to hit your head.
What is EPF?
EPFO has been created by the government to manage the Employees Provident Fund (EPF). This institution takes care and custody of the fund’s money. EPF is a scheme in which an employee deposits a part of her salary. This money is deposited in your provident fund, that is, for other expenses. For employed people, EPF money is your salary for life. Withdraw money deposited in this scheme after retirement. Under certain circumstances, the money can be withdrawn even earlier.
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Tags: EPF, epfo, EPFO account, FP account, Save in FAQ
FIRST POSTED: Feb 20, 2023 18:58 IST