In February 2024, the Employees’ Provident Fund Organisation (EPFO) announced the interest rate for the financial year 2023-24 for provident fund deposits. The EPFO increased the interest rate to 8.25% for 2023-24 from the previous year’s rate of 8.15%.
When will EPF interest rate for FY24 be credited?
Understandably many EPF members are curious to know when they will receive the EPF interest for the financial year 2023-24.
This is what EPF said in response to a query from a member on social media platform X.
Dear member, The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest.
EPF interest rate credit status for FY2022-23
The interest for financial year 2022-23 has been provided to 28.17 crore members accounts of EPFO as on March 2024.
According to the post on social media by EPFO, “Dear member, the interest for Financial Year 2022-23 has been provided to 28.17 crore members accounts of EPFO as on date. Member may please check their EPF passbook.”
EPF contribution rules
Employees’ Provident Fund (EPF), often known as PF (Provident Fund), is a mandatory savings and retirement plan for active employees. Employees will have access to the fund’s corpus once they retire. EPF members can file withdrawal or transfer claims both online and offline. Individuals may track the status of their EPF claims online, regardless of how they filed the application.
The Employees’ Provident Fund is a compulsory payment for salaried employees in companies with 20 or more personnel. The EPF&MP Act requires an employee to deposit 12% of his monthly income to the EPF account, with the employer matching the contribution.
While the employees’ whole contribution is credited into the EPF account, only 3.67% of the employer portion is deposited, with the remaining 8.33% going to the Employees Pension Scheme (EPS).
What is the EPF Interest rate for FY2023-24?
For the fiscal year 2023–2024, the CBT suggested crediting members’ EPF accumulations with an annual rate of interest of 8.25%. The interest rate earlier was 8.15%.
According to the PIB release dated February 10, 2024, “The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.”
How to check EPF balance
An employee whose EPF account is managed by the EPFO can check the account balance using following four ways:
a) By using Umang app
b) By visiting EPF member e-sewa portal
c) By giving missed call
d) By sending SMS
How to check EPF balance on UMANG app
Step 2: Register from your mobile number
Step 3: Choose “EPFO” from the options
Step 4: Click “View Passbook.”
Step 5: After entering your UAN, click Get OTP.
Step 6: Select “Login.”
Your passbook and EPF balance will be shown on the screen.
How to check EPF balance using EPFO portal
Go to the employee section of the EPFO website and click on “Member Passbook.” By entering your UAN and password, you can gain access to the PF passbook. Employee and employer contributions, as well as opening and closing balances, will be detailed. The sum of any PF transfers, as well as the amount of PF interest generated, will be shown. The EPF balance can also be viewed with a passbook.
How to check EPF balance by sending SMS
If your UAN is registered with the EPFO, you may get information about your most recent contribution and PF balance by sending an SMS to 7738299899. You have to send the following communication: UAN EPFOHO ENG. The first three letters of the requested language are “ENG.” To receive the message in Marathi, enter EPFOHO UAN MAR. Verify that your bank account, Aadhaar, and PAN are seeded into your UAN, or update the most recent data.
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Valuable information. Thanks.