EPFO retains 8.25% interest on PF deposits for 2024-25, benefiting 7 crore subscribers

The Employees’ Provident Fund Organisation (EPFO) has decided to retain the interest rate on provident fund deposits at 8.25% for 2024-25, sources said. The move is expected to benefit over 7 crore subscribers.

In 2024-25, the retirement body processed 50.8 million claims worth Rs 2.05 lakh crore, up from 44.5 million claims totaling Rs 1.82 lakh crore in 2023-24. The 8.25% interest rate for 2023-24 was based on Rs 1.07 lakh crore in income, the highest ever, on a Rs 13 lakh crore principal. This was an increase from 8.15% in 2022-23, which was declared on an income of Rs 91,151.66 crore on a Rs 11.02 lakh crore principal.

Historically, EPF interest rates have seen fluctuations, with 8.65% in 2018-19, 8.5% in 2019-20, and 8.1% in 2021-22, reflecting a downward trend. The highest recent rates were 8.8% in 2015-16 and 8.75% in 2013-14 and 2014-15. The current 8.25% rate for 2024-25

How to check EPF balance: Umang app, EPFO portal & missed Call

• Via Umang app: Download the Umang app, register with your phone number, and access services like EPF passbook, claims, and balance checks.
• Via EPFO portal: Visit the EPFO website, go to the “Member Passbook” section, and log in with your UAN and password to view your EPF balance, contributions, and interest earned.
• Via missed call: Give a missed call to 011-22901406 from your UAN-registered mobile number (ensure Aadhaar, PAN, and bank details are linked).

Key points on PF deposit interest rate for 2024-25

• Interest rate retained: EPFO has maintained the 8.25% interest rate on employees’ provident fund (EPF) deposits for 2024-25.
• Previous year’s rate: The interest rate was raised to 8.25% in 2023-24, up from 8.15% in 2022-23.
• Lowest in four decades: In 2021-22, the interest rate was lowered to 8.1%, the lowest in over 40 years, from 8.5% in 2020-21.

EPFO’s Central Board of Trustees (CBT), which includes representatives from employers, employees, state governments, and labour ministry officials, finalises the proposed interest rate. However, the finance ministry must approve it before it is officially notified and credited to subscribers, typically in the second half of the following year.