EPFO notifies the increased PF Interest Rate of 8.15% applicable for the financial year (FY) 2022-23, as approved by the GOI, as against the rate of 8.1% notified for the FY 2021-22.
Also, EPFO has issued instructions for crediting PF Interest (FY 2022-23) in the respective EPF Member’s Account in due course for their fund accumulations.
EPFO Circular 2766 dated 24/07/2023: EPFO notifies GOI Approved Increased EPF Interest Rate at 8.15% for FY 2022-23
EPFO Circular 4670 dated 03/06/2022: EPFO notifies GOI Approved Reduced EPF Interest Rate at 8.1% for FY 2021-22
EPFO Recommends 8.15% PF Interest Rate for FY 2022-23
The Central Board of Trustees (CBT) of EPFO has earlier recommended PF interest rate of 8.15% for the financial year (FY) 2022-23 to be credited on EPF accumulations in members’ accounts, slightly higher than the 8.10% announced for FY 2021-22.
The decision was made at the 233rd meeting of the CBT held in Delhi, chaired by Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change.
The recommended PF interest rate for FY 2022-23 is subject to review and approval by the Ministry of Labour and Employment, Government of India. After approval, the interest will be credited to the respective subscribers’ accounts.
Para 60 of EPF Scheme 1952: Interest Provisions
According to the provisions of Para 60 of the EPF Scheme, PF Interest is required to be credited each year in the account of each member/ subscriber, based on rate approved by the Central Government in consultation with the Central Board of Trustees of EPFO. However, it may be noted that PF Interest is credited to each members account annually but the same is calculated based on monthly running balances.
PF Interest Rates from 1952
| YEAR | PF INTEREST RATE |
| 1952-53 to 1954-55 | 3.00% |
| 1955-56 to 1956-57 | 3.50% |
| 1957-58 to 1962-63 | 3.75% |
| 1963-64 | 4.00% |
| 1964-65 | 4.25% |
| 1965-66 | 4.50% |
| 1966-67 | 4.75% |
| 1967-68 | 5.00% |
| 1968-69 | 5.25% |
| 1969-70 | 5.50% |
| 1970-71 | 5.70% |
| 1971-72 | 5.80% |
| 1972-73 to 1973-74 | 6.00% |
| 1974-75 | 6.50% |
| 1975-76 | 7.00% |
| 1976-77 | 7.50% |
| 1977-78 | 8.00% |
| 1978-79 | 8.25% or 8.75% [Note 1] |
| 1979-80 to 1980-81 | 8.25% |
| 1981-82 | 8.50% |
| 1982-83 | 8.75% |
| 1983-84 | 9.15% |
| 1984-85 | 9.90% |
| 1985-86 | 10.15% |
| 1986-87 | 11.00% |
| 1987-88 | 11.50% |
| 1988-89 | 11.80% |
| 1989-90 to 1999-2K | 12.00% |
| 2000-01 | 12% & 11% [Note 2] |
| 2001-02 to 2003-04 | 9.50% |
| 2004-05 | 9.5% [Note 3] |
| 2005-06 to 2009-10 | 8.50% |
| 2010-11 | 9.50% |
| 2011-12 | 8.25% |
| 2012-13 | 8.50% |
| 2013-14 to 2014-15 | 8.75% |
| 2015-16 | 8.80% |
| 2016-17 | 8.65% |
| 2017-18 | 8.55% |
| 2018-19 | 8.65% |
| 2019-20 to 2020-21 | 8.50% |
| 2021-22 | 8.10% |
| 2022-23 | 8.15% |
Notes:
1. Interest @ 8.25% plus Bonus @ 0.5% for members who did not withdraw any PF amount during 1976-77 & 1977-78
2. 12% during April- June, 2001 and 11% from July, 2001 and onwards.
3. 9% Interest plus 0.5% Golden Jubilee bonus.
Normally when PF Interest is credited/ calculated for a financial year? Is there any delay in crediting interest for 2021-22 by EPFO/ GoI?