Experts give thumbs up to new EPF rate of 8.15%. Here's why3 min read 29 Mar 2023, 06:54 PM IST
The 8.15% interest rate will be credited to EPF accumulations in members’ accounts for the financial year 2022-23. Even though the latest EPF rate is at a four-decade low, however, it comes at a better time for individuals, especially during the time when Finance Bill 2023 levies a host of tax norms on debt mutual funds.
In major good news for salaried individuals, the Central Board Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) has recommended a 0.05% hike in employees' provident fund account (EPF) to 8.15% for the fiscal year FY23. Although the EPF rate at 8.15% is still at a four-decade low, however, the new rate is likely to drive the formal sector. Also, the latest hike makes EPF a stable investment option for risk-averse individuals.
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