New Delhi: The Employees’ Provident Fund Organisation (EPFO) announced on Saturday a hike in the interest rate on provident fund deposits to 8.65% for the fiscal year 2023-24, up from 8.15% in the previous year. This move is expected to bring joy to over 65 million EPFO subscribers across the country.
The decision was made by the central board of trustees of EPFO, chaired by the Minister of Labour and Employment, Bhupender Yadav, during the 235th board meeting held on Saturday. The proposed interest rate received the board’s approval and awaits official notification from the Ministry of Finance.
Once approved by the finance ministry, EPFO will proceed to credit the enhanced interest rate into the accounts of its subscribers in the later part of the upcoming financial year, providing a welcome boost to their savings.
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