The Employees’ Provident Fund Organisation (EPFO) has stated that the revised EPF Interest rates is already being paid to outgoing members in their final PF settlements. This means that, EPF members who are retiring are already getting interest along with their PF settlements.
When will EPF interest be credited for FY 2023-24?
Read More: PPF Withdrawal Rules Explained: Eligibility, Required Documents, All You Need To Know
What is the EPF interest rate for FY 2023-24?
The Government of India has authorized and informed that interest rate for EPF members for the Financial Year 2023–2024 is 8.25% on May 31, 2024.
The EPFO also said that EPF members’ interest rates are not disclosed on a quarterly basis. The annual rate of interest is declared after the end of financial year in the first quarter of ensuing financial year
The EPFO posted on social media X, “The rate of interest for EPF members is not declared quarterly. Annual rate of interest, in general, is declared after the end of financial year in the first quarter of ensuing financial year. Accordingly, rate of interest for the Financial Year 2023-24 @ 8.25% for EPF members had already been approved by Government of India & notified by EPFO on 31-05 2024. The interest at the above revised rates is already being paid to outgoing members in their final PF settlements.”
However, with regards to active EPF members, the EPFO has yet to give any clarifications as to when they will receive the interest payments for FY2023-24. Many active members have asked EPFO on social media as to when they will receive the EPF credit.
Read More: EPF new rules: EPFO issues SOP on how to freeze, defreeze UAN
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
Read More: EPF: How to submit nomination online? A step-by-step guide
How to check EPF balance on UMANG app
The subscribers can now easily check their PF balance at home on the UMANG application.
Step 1: Download and install 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.
