New Delhi. If you are an EPF account holder then this news is for you. The central government has approved 8.25 percent interest rate on the Employees Provident Fund for FY 2024-25. Earlier, the Employees Provident Fund Organization had decided to maintain an interest rate of 8.25 percent on the Employees Provident Fund (EPF) deposit for FY 2024-25 on 28 February. This interest rate is equal to the interest rate given in the last financial year. EPFO has more than seven crore account holders across the country, who will now benefit from this decision.
The interest rate of EPFO is determined by the Central Board of Trustees. The Union Finance Ministry later puts a final stamp on it. This week, a notification was sent by the Ministry of Labor regarding the interest rate fixation to the retirement fund body. Now interest will be deposited in the account of more than seven crore account holders of EPFO as per the approved rate for FY 2024-25. The number of EPF account holders increases every year. In March, 14.58 lakh new members were added to the EPFO. Earlier, it was increased to 8.25 percent for the year 2023-24, taking a slight increase in the interest rate of EPFO. EPFO’s interest rate was 8.15 percent in the year 2022-23.
Let us tell you that the Employees Provident Fund (EPF) is a very good retirement plan, which is managed by the Employees Provident Fund Organization (EPFO). Those who join this scheme only get tax benefits as well as more interest than many other types of savings schemes. This is the reason that people like to open EPF account and every year the number of account holders increases compared to last year. Account holders can know the balance of their EPF account through SMS by making a missed call on 9966044425 from their registered mobile number.