EPFO interest rate: 8.25% retained on employees' provident fund deposits for 2024-25, check details

In the 237th meeting of the Central Board of Trustees (CBT), chaired by Union Minister for Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, the CBT "recommended an 8.25% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2024-25," a labour ministry press release said on February 28.

The retirement fund body increased the interest rate marginally in February 2024 to 8.25% for 2023-24 from 8.15% in 2022-23.

The EPFO submits its suggestion for the interest rate to the CBT.

After the CBT's decision, the interest rate on EPF deposits for 2024-25 will be sent to the Ministry of Finance for approval. After the government's ratification, the interest rate on the PF deposits for FY25 (2024-25) will be credited into the accounts of over seven crore subscribers of EPFO. The fund body provides the interest rate only after it is ratified by the centre.

PF interest rate history

The 8.25% rate set in February 2024 for FY24 (2023-24) was the highest compared to the preceding three years. The 8.1% rate set in March 2022 for FY22 was the lowest interest rate seen since 1977-78 when it was at 8%. The EPFO reduced the interest rate to a seven-year low of 8.5% in March 2020 for FY20, down from 8.65% set in 2019.