EPF Interest Rates : In a recent announcement, the Employees Provident Fund Organization (EPFO) has brought a wave of good news to over 6 crore PF account holders by increasing the interest rate on their accounts.
This upward adjustment marks a significant rise, with the EPF interest rate climbing by 0.10 percent, now fixed at 8.25 percent for the fiscal year 2023-24.
This elevation in interest rate stands as the highest in the past three years, promising better returns for EPFO subscribers. Once approved by the government, the increased interest rate for the fiscal year 2023-24 will find its way into the accounts of more than six crore EPFO subscribers.
When Will the Interest Be Credited to Your Account?
It’s essential to understand that the funds from your EPF account don’t directly transfer to your bank account. Contrary to popular belief, an increase in interest doesn’t translate to an immediate inflow of additional funds.
Instead, your EPF contributions accumulate with annual interest, as determined by the government. This interest is calculated on a monthly basis but credited to your account annually.
Typically, EPFO disburses interest to subscribers’ accounts towards the end of the financial year. As such, subscribers can expect the interest money to reflect in their accounts around March-April.
How to Check Your EPF Balance?
You can keep track of your EPF balance and monitor whether the interest has been credited to your account through various methods:
-
Checking Passbook on EPFO Portal:
- Visit the EPFO Portal and navigate to the ‘Our Services’ tab, then select ‘For Employees.’
- Click on ‘Member Passbook’ and log in using your UAN and password.
- Enter your member ID to view your EPF balance and related details.
-
Checking EPF Passbook Through Missed Call:
- Give a missed call to 011-22901406 from your registered mobile number.
- You’ll receive an SMS with your EPF balance.
-
Checking Through SMS:
- Ensure that your PAN, Aadhaar number, and bank account are linked to your UAN.
- Send an SMS in the format EPFOHO UAN ENG (replace ENG with the language code) to 7738299899.
-
Checking from UMANG App:
- Install the UMANG app and log in with your registered mobile number.
- Select the EPFO option, then ‘Employee Centric Services’ followed by ‘View Passbook.’
- Enter your UAN and OTP to access your passbook details.
By utilizing these methods, you can conveniently stay updated on your EPF balance and ensure that the interest money reaches your account as expected.
In conclusion, while the EPF interest rate hike brings promising prospects for subscribers, it’s crucial to understand the mechanisms of interest crediting and stay informed about your account balance through accessible channels provided by EPFO.
With these insights and tools at your disposal, you can effectively manage your EPF investments and make informed financial decisions.