The Employees’ Provident Fund Organisation (EPFO), which oversees retirement funds, announced in February the interest rate hike for the FY2023–24 fiscal year. This represents the highest interest rate on EPF deposits in the previous three years, and it was increased by 10 basis points (bps) to 8.25% for the most recent fiscal year.
When Will The Accounts Of The Employees Receive The Credit For Interest?
Many consumers have inquired about the crediting of their interest to their accounts. Employees will soon have EPF interest deposited to their accounts, according to EPFO, which states that the procedure is underway.
Interest is credited to the member’s account on a monthly running balances basis with effect from the last day of each year in the following manner,” according to EPFO standards.
- (i) interest for a full year on the amount credited to a member’s account on the last day of the previous year, minus any amounts withdrawn during the current year.
- (ii) interest on amounts withdrawn during the current year, from the start of the year to the last day of the month before the withdrawal date.
- (iii) interest on all amounts credited to the member’s account after the last day of the previous year, from the first day of the month following the month of credit to the end of the current year.
- (iv) The interest amount should be rounded to the closest whole rupee, with fifty paise denoting the subsequent increment in value.
How Can You Check Your EPFO Balance?
OFFLINE:
- Make a missed call from the registered mobile number associated with your UAN to 9966044425. Details about your EPF balance will be sent to you via SMS.
- Text the number 7738299899 with the subject EPFOHO UAN ENG.
ONLINE:
- Portal for EPFO Member Passbooks: Go to the portal, use your UAN to log in, and enter your password. Select the PF account, then click “View PF Passbook” to view your transaction history and current amount.
- To access the EFPO portion of the UMANG app, download it, log in using UAN, and enter the password.
