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Todays News : Provident Fund deposit rates for 2024-25

By the Paise Sherpa

The Employee Provident Fund Organization (EPFO) has set the interest rate for FY 2024-25 as 8.25%. The rate for FY 2022-23 was 8.15% and was increased to 8.25% for FY 2023-24. So this year there has been no increase in the interest rate. The rate decisions are taken by the Central Board of Trustees (CBT) of the EPFO. 

There are more than 7 Crore subscribers under EPFO who will get this interest on their money saved in Provident Funds. Provident Fund is a savings scheme meant for a person's retirement for salaried individuals. Here both employees and the employers contribute to the fund every month and the beneficiary keeps getting interest on this corpus as per the rates decided for the financial year. The corpus can be withdrawn post retirement or after attaining the age of 58. Partial withdrawal is also possible for specific cases.  

Tip: Instead of withdrawing, always beneficial to transfer the Provident Fund if you are changing jobs.



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