New Delhi, Jul 24: The government has given its consent to the rate of interest at 8.15% on deposits under the Employees Provident Fund (EPF) scheme for the financial year 2022-23. The EPFO had marginally increased the interest rate for 2022-23 to 8.15% for its over six crore subscribers on March 28, 2023.

According to an official order issued on Monday, the EPFO has instructed the field offices to credit the interest at 8.15% on EPF for 2022-23 into the accounts of its members. This decision was made following the finance ministry’s approval of the EPF rate of interest, which was initially sanctioned by EPFO trustees earlier in March this year.

With the government’s ratification, the EPFO field offices will now initiate the process of crediting the interest into the accounts of the EPF subscribers.

It is worth noting that in March 2022, the Employees’ Provident Fund Organisation (EPFO) had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10% from 8.5% in 2020-21. This was the lowest rate since 1977-78 when the EPF interest rate stood at 8%.