NEW DELHI: The Govt has ratified the rate of interest at 8.15 per cent rate on deposits under the EPF scheme for the financial year 2022-23. On March 28, 2023, the retirement fund organisation EPFO slightly increased the interest rate on Employees’ Provident Fund (EPF) deposits for its more than six crore subscribers to 8.15 percent for 2022–23. The EPFO has requested that the filing offices credit the members’ accounts with the 8.15 percent interest on EPF for 2022–2023 as per a formal order published on Monday. The directive was issued following approval of the EPF rate of interest by EPFO trustees in March of this year by the finance minister.The procedure of adding internet credit to subscribers’ accounts will now be initiated by the EPFO field offices. Employees’ Provident Fund Organisation (EPFO) lowered the interest rate on EPF deposits for 2021–2022 in March 2022 from 8.5 percent in 2020–2021 to a four-decade low of 8.10 percent. Since 1977–1978, when it was 8%, the EPF interest rate had not been this low.
