EPFO fixes 8.15% interest rate on Employees' Provident Fund
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The Employees Provident Fund Organization (EPFO) has fixed an 8.15% interest rate on the Employees' Provident Fund (EPF) for 2022-23, reported NDTV. The retirement fund body decreased the interest rate to 8.1% in March 2022, the lowest since 1977-78, when it stood at 8%. The decision would reportedly take effect after being ratified by the Finance Ministry.
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Interest rate to be credited to over 5 crore accounts
According to reports, after the central government's ratification, the interest rate on the EPF for 2022-23 would be credited into the accounts of over five crore people. Notably, the EPFO's apex decision-making body, the Central Board of Trustees (CBT), earlier provided a seven-year-low interest rate of 8.5% for 2019-20, down from the 8.65% provided for 2018-19. The interest rate for 2016-17 was 8.55%.