Interest rate on PM increased, now it is 8.25 percent

The Finance Ministry has approved the increase in the interest rate on Employees’ Provident Fund (EPFO) deposits from 8.15 per cent to 8.25 per cent for the financial year 2023-24. It was announced in February this year, which was notified by the government in May 2024, which has now got the approval of the Finance Ministry. EPFO ​​​​informed about increasing the interest rate on social media. On March 28 last year, EPFO ​​​​announced an interest rate of 8.15 percent on Employees’ Provident Fund (EPF) for 2022-23. In March 2022, EPFO ​​​​gave a big blow to about 7 crore employees by reducing the interest rate for 2021-22 to a four-decade low of 8.1 percent. Earlier in 2020-21 it was 8.5 percent.