EPFO Hikes Interest Rate For Fiscal Year 2023-24; Now Subscribers Get THIS Much Return

New Delhi: The Employees' Provident Fund Organization (EPFO) has announced a hike in the interest rate for the fiscal year 2023-24, increasing it to 8.25 percent from the previous year's rate of 8.15 percent, according to sources cited by ET.

Benefit For Employees

This decision is anticipated to bring significant benefits to the millions of employees covered under the EPFO scheme. With the interest rate bump, employees can expect higher returns on their savings. (Also Read: From Investment To Income: A Rs 5-7 Lakh Investment In This Business Idea Could Yield Rs 1.5 Lakh Monthly Returns)

The move aligns with ongoing efforts to encourage long-term savings habits among workers. By offering a more attractive interest rate, the EPFO aims to incentivize individuals to actively participate in the scheme, thereby bolstering their financial resilience and future stability. (Also Read: Latest SBI FD Rates 2024: How Much Return Will You Get From Fixed Deposit? Check Here)

Strengthening Financial Security

Ensuring the well-being and financial security of workers remains a key priority for EPFO. By enhancing the interest rate, the organization seeks to strengthen the financial foundation of employees, empowering them to better navigate unexpected expenses and plan for their long-term goals.