The Employees’ Provident Fund Organisation (EPFO) announced the interest rate on employees’ provident fund for FY2023-24 in February. The retirement fund body raised the interest rate by 10 basis points (bps) to 8.25% for the last fiscal year, 8.15% in the preceding year. This is the highest interest rate on EPF deposits in the last three years.
Employees covered under the EPFO are eagerly awaiting the interest credit in their accounts.
When will EPFO credit interest in employees’ accounts?
One ‘X’ user posted a query to the EPFO, asking when will he receive the interest amount on his provident fund deposits for FY2023-24?
Responding to it, the retirement fund body wrote the process is on and employees will get EPF interest credited in their accounts “shortly”.
EPFO interest decision process:
The Central Board of Trustees (CBT), the governing body of EPFO, recommends interest rate on employees provident fund. The apex decision-making body took decision to hike interest rate on EPF to 8.25% for FY24 in its meeting on February 10 this year.
“Interest is credited to the member’s account on monthly running balances basis with effect from the last day in each year in the following manner: (i) on the amount at the credit of a member on the last day of the preceding year, less any sums withdrawn during the current year—interest for twelve months; (ii) on sums withdrawn during the current year— interest from the beginning of the current year up to the last day of the month preceding the month of withdrawal; (iii) on all the sums credited to the member’s account after the last day of the preceding year—interest from the 1st day of the month succeeding the month of credit to the end of the current year; (iv) the total amount of interest shall be rounded to the nearest whole rupee (fifty paise counting as the next higher rupee),” according to EPFO interest credit guidelines.
How to check EPFO balance?
EPFO members can check their PF balance using online and offline methods. To check balance online, members can use EPFO portal or UMANG App. Alternatively, they can check balance through SMS and missed call in the offline method.
EPFO Member Passbook portal:
– Visit the EPFO Member Passbook portal.
– Log in with UAN and password.
– Choose the PF account (in case there are multiple accounts).
– Select ‘View PF Passbook’ to see transaction history and current balance.
– Alternatively, use ‘View Passbook (New: Yearly)’ option to check annual contribution summaries.
UMANG App:
- Download UMANG App.
– Go to ‘EPFO’ section in app.
– Log in with UAN and password to see EPF balance.
How to check your EPF balance offline:
- SMS: Send an SMS to 7738299899 in the format EPFOHO UAN ENG (ENG stands for English language preference). Your UAN must be linked with the mobile number.
- Missed call: To know the balance, give a missed call to 9966044425 from your registered mobile number linked to your UAN. You will receive an SMS showing EPF balance details.