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The circular related to the announcement of increase in interest rates on EPFO account was issued on Monday, July 24. Importantly, the board of the Employees Provident Fund Organization had fixed the interest rate on EPF account at 8.15 per cent for the financial year 2022-23 and sent it to the finance ministry for approval. According to information, interest money will start coming in the account from August 2023.
According to the circular issued by the Employees Provident Fund Organization, the board had proposed to increase the interest rate from 8.10 percent to 8.15 percent in March this year. According to reports, after the recommendation of the CBT, the interest rate is notified by the finance ministry, only then it can be credited to the EPFO members’ account. Normally, the interest rate is notified by the Finance Ministry in the first quarter of the financial year and customers were waiting for the notification for FY23.
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