EPFO fixed the interest rate at 8.25% for 2023-24 on February 10, 2024. The interest rate for the previous year (2022-23) was 8.15%, while for 2021-22, the rate was 8.10%, the lowest since 1977-78 when the rate was 8%.
The Employees’ Provident Fund Organisation (EPFO) has begun releasing interest payments for its outgoing members for the financial year 2023-24. The interest rate for this period has been set at 8.25% per annum.
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So far, EPFO has settled over 23.04 lakh claims and paid out Rs 9,260 crore to its members, including the latest interest rate of 8.25% per annum. This information was shared by the pension fund body on its social media handle ‘X’.
EPFO fixed the interest rate at 8.25% for 2023-24 on February 10, 2024. The interest rate for the previous year (2022-23) was 8.15%, while for 2021-22, the rate was 8.10%, the lowest since 1977-78 when the rate was 8%.
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The interest rate is determined by EPFO’s Central Board of Trustees (CBT). The interest at the revised rates is being paid to the current and outgoing members in their final provident fund settlements, totalling Rs 9,260,40,35,488 for 23,04,516 claims.
How the Interest Rate is Determined
In its meeting on February 10, 2024, the CBT recommended an interest rate of 8.25% per annum for the fiscal year 2023-24. The proposal was then sent to the Ministry of Labour & Employment, which forwarded it to the Ministry of Finance. The finance ministry approved the rate of 8.25% on May 6, 2024.
The latest rate was officially notified by the labour ministry through a letter dated May 24, 2024. This was also communicated to the field offices for the settlement of claims and crediting of interest in the provident fund accounts.
The interest income on debt instruments is estimated at the beginning of the financial year, but the income from equity investments is known only after the equity redemption during the financial year. EPFO shared this information on the ‘X’ platform.
Members are not at a loss due to the declaration of the interest rate at the end of the year. If the declared rate is higher than that of the previous year, the difference in interest rates is paid to them.
How to check EPF balance
Employees with EPF accounts managed by the EPFO can check their account balance using the following four methods:
- By using the Umang app
- By visiting the EPF member e-sewa portal
- By giving a missed call
- By sending an SMS
How to check EPF balance on UMANG app
Subscribers can easily check their PF balance at home using the UMANG application.
- Download and install the Umang app
- Register using your mobile number
- Choose “EPFO” from the options
- Click “View Passbook”
- Enter your UAN and click “Get OTP”
- Select “Login”
Your passbook and EPF balance will be shown on the screen.
How to check EPF balance using 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. This will detail employee and employer contributions, as well as opening and closing balances. The sum of any PF transfers and the amount of PF interest generated will also be shown.
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How to check EPF balance by sending SMS
If your UAN is registered with the EPFO, you can get information about your most recent contribution and PF balance by sending an SMS to 7738299899.
You need to send the following message: UAN EPFOHO ENG. The first three letters of the requested language are “ENG.” To receive the message in Marathi, enter EPFOHO UAN MAR.
Ensure your bank account, Aadhaar, and PAN are linked to your UAN or update the latest data.
