EPFO marginally hikes interest rate on Deposits
2nd Jun, 2023
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.
- 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).