EPFO Retains 8.25% Interest Rate for 2024-25, Approval Pending from Ministry of Finance

The EPFO has kept the interest rate on EPF deposits at 8.25% for 2024-25. In February 2024, it raised the rate from 8.15% in 2022-23 to 8.25% for 2023-24. In March 2022, EPFO reduced the interest rate to 8.1% for 2021-22, marking the lowest rate in over 40 years, down from 8.5% in 2020-21.

The 8.1% rate in 2021-22 was the lowest since 1977-78. The Central Board of Trustees (CBT) of EPFO approved the 8.25% interest rate for 2024-25 in its meeting on Friday. Once the Ministry of Finance approves it, the rate will be credited to the accounts of over seven crore subscribers.

In the past, EPFO had gradually reduced the interest rate over the years, from 8.75% in 2014-15 to 8.1% in 2021-22, with the rate hovering between 8.5% and 8.65% for several years prior.