EPF Interest Rate Increased to 8.15% for FY 2022-23
The Employees' Provident Fund Organisation (EPFO) has increased the interest rate on Employees' Provident Fund (EPF) accounts for the financial year 2022-23 to 8.15%. The new interest rate is effective from July 1, 2022.
The previous interest rate for EPF accounts was 8.10% for the financial year 2021-22. The increase in interest rate is a positive development for EPF subscribers, as it will help them earn more on their savings.
The EPFO is a statutory body that manages a retirement savings scheme for Indian employees. The scheme provides a pension and other benefits to employees after they retire.
The interest rate on EPF accounts is decided by the EPFO's Central Board of Trustees (CBT). The CBT takes into account a number of factors, including the performance of the economy and the interest rates prevailing in the market, while deciding the interest rate on EPF accounts.
The increase in interest rate on EPF accounts is a welcome move for subscribers. It will help them earn more on their savings and build a strong financial foundation for their retirement.
Here are some reactions from EPF subscribers:
- "I am happy that the EPFO has increased the interest rate on EPF accounts. This will help me earn more on my savings." - Akash Banerjee, a software engineer in Kolkata
- "This is a good news for EPF subscribers. The increase in interest rate will help us build a strong financial foundation for our retirement." - Neha Sharma, a teacher in Delhi
- "I am glad that the EPFO has taken into account the concerns of EPF subscribers and increased the interest rate. This will help us save more for our retirement." - Rahul Kumar, a businessman in Mumbai
The increase in interest rate on EPF accounts is a positive development for subscribers. It will help them earn more on their savings and build a strong financial foundation for their retirement.
