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EPFO marginally hikes interest rate on Deposits

Published: 2nd Jun, 2023

Context

The Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) has decided an increase of 0.05% in the interest for Provident Fund deposits.

About

  • The new rate, applicable for 2022-23, will be 15%.

Employment Provident Fund Organisation (EPFO):

  • EPFO is one of the World's largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.
  • At present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members.
  • The central board of trustees which administers the EPFO runs three schemes - EPF Scheme 1952, Pension Scheme 1995(EPS) and Insurance Scheme 1976 (EDLI).  

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