The Employees Provident Fund Organization (EPFO) has once again made no changes in interest rates. According to a report by news agency PTI, EPFO’s board has fixed 8.25% interest rate for 2024-25.
This decision will directly affect 7 crore EPFO subscribers.
It was already discussed that the EPFO board could retain interest rates.
Decided in EPFO board meeting
All decisions related to EPFO are taken by the Central Board of Trustees (CBT).
In the meeting held on Friday, it was decided that the interest rate for 2024-25 will be only 8.25%.
Now this decision will be sent to the Finance Ministry for final approval.
Interest rate was increased last year
In 2023-24, EPFO raised the interest rate from 8.15% to 8.25%.
This rate was 8.15% in 2022-23.
EPF interest rates in previous years
| FY | Interest rate (%) |
|---|---|
| 2018-19 | 8.65% |
| 2019-20 | 8.50% |
| 2020-21 | 8.50% |
| 2021-22 | 8.10% |
| 2022-23 | 8.15% |
| 2023-24 | 8.25% |
In 2015-16, EPFO paid the highest 8.8% interest.
The interest rate in 2013-14 and 2014-15 was 8.75%.
How many claims did EPFO make process?
In 2024-25, EPFO processed 50.8 million claims, which stood at ₹ 2.05 lakh crore.
In 2023-24, there were 44.5 million claim processes, which had a total amount of ₹ 1.82 lakh crore.
The claim has increased on an annual basis, which is a positive sign for subscribers.
Why is this decision of EPFO important?
It is a relief for the EPF account holders that the interest rate remains stable.
In view of the increasing level of inflation, EPF investors will continue to get better returns.
Now after the approval of the Finance Ministry, this decision will be officially implemented.
Now it has to be seen whether the EPFO makes any more changes in the interest rates in the coming years or keeps it stable.
