In February of 2024, the Employees’ Provident Fund Organisation (EPFO) declared the interest rate for the fiscal year 2023-24 concerning provident fund deposits, raising it to 8.25% from the previous year’s 8.15%.
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Many EPF members are naturally eager to learn when they can expect to receive the EPF interest for the financial year 2023-24. In response to a member’s query on the social media platform X, the EPF stated:
“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 the financial year 2022-23:
As of March 2024, interest for the financial year 2022-23 has been credited to 28.17 crore member accounts of the EPFO.
According to EPFO’s social media post, “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 :
The Employees’ Provident Fund (EPF), commonly known as PF (Provident Fund), serves as a compulsory savings and retirement scheme for active employees, granting access to the fund’s corpus upon retirement. EPF members can file withdrawal or transfer claims online or offline, and they can track the status of their EPF claims online, irrespective of the method of application.
EPF is mandatory for salaried employees in companies with 20 or more personnel, requiring employees to deposit 12% of their monthly income into the EPF account, with employers matching the contribution. While the employee’s entire contribution is credited to the EPF account, only 3.67% of the employer’s portion is deposited, with the remaining 8.33% allocated to the Employees Pension Scheme (EPS).
What is the EPF interest rate for the financial year 2023-24?
For the fiscal year 2023–2024, the Central Board of Trustees (CBT) proposed an annual interest rate of 8.25% for members’ EPF accumulations, up from the previous rate of 8.15%.
According to a press release from the Press Information Bureau (PIB) 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.”
Read More: EPFO Pension Rules: What Subscribers Need To Know For Retirement
How to check EPF balance :
Employees whose EPF accounts are managed by the EPFO can check their account balance through four methods:
a) By using the Umang app
b) By visiting the EPF member e-sewa portal
c) By giving a missed call
d) By sending an SMS
How to check EPF balance on the UMANG app:
Subscribers can now conveniently check their PF balance at home using the UMANG application by following these steps:
Step 1: Download and install the Umang app
Step 2: Register with 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 displayed on the screen.
How to check EPF balance using the EPFO portal:
Visit the employee section of the EPFO website and click on “Member Passbook.” By entering your UAN and password, you can access the PF passbook, which details employee and employer contributions, as well as opening and closing balances. The passbook also shows the sum of any PF transfers and the amount of PF interest generated.
How to check EPF balance by sending an SMS:
If your UAN is registered with the EPFO, you can obtain information about your latest contribution and PF balance by sending an SMS to 7738299899.
Read More: How To Check EPF Balance: Know Steps To Check EPF Balance Using UAN, UMANG App, SMS, And Missed Call
Send the following message: UAN EPFOHO ENG. Replace “ENG” with the first three letters of your preferred language. To receive the message in Marathi, type EPFOHO UAN MAR. Ensure that your bank account, Aadhaar, and PAN are linked to your UAN, or update the latest information accordingly.
