EPF Interest for FY24: When will employees’ provident fund interest be credited? Here’s what EPFO has to say

financialexpress.com:

The Employees’ Provident Fund Organisation (EPFO) announced the interest rate on employees’ provident fund for FY2023-24 in February. The retirement fund body raised the interest rate by 10 basis points (bps) to 8.25% for the last fiscal year, 8.15% in the preceding year. This is the highest interest rate on EPF deposits in the last three years.

Employees covered under the EPFO are eagerly awaiting the interest credit in their accounts.

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One ‘X’ user posted a query to the EPFO, asking when will he receive the interest amount on his provident fund deposits for FY2023-24?

Responding to it, the retirement fund body wrote the process is on and employees will get EPF interest credited in their accounts “shortly”.

<a href=«https://twitter.com/PMOIndia?ref_src=» https:>@PMOIndia

Sir my question is when EPFO interest of subscribers FY-2023-24 will be credited? This will improve the image of EPFO & subscribers will bless the Central Govt.

The Central Board of Trustees (CBT), the governing body of EPFO, recommends interest rate on employees provident fund. The apex decision-making body took decision to hike interest rate on EPF to 8.25% for FY24 in its meeting on February 10 this year.

“Interest is credited to the member’s account on monthly running balances basis with effect from the last day in each year in the following manner: (i) on the amount at the credit of a member on the last day of the preceding year, less any sums withdrawn during the current year—interest for twelve months; (ii) on sums withdrawn during the current year— interest from the beginning of the current year up to the last day of the month