The Finance Ministry has approved an increase in the interest rate on Employees’ Provident Fund (EPF) deposits for the fiscal year 2023-24, raising it from 8.15% to 8.25%. This decision was announced in February and officially notified by the government in May 2024. The approval from the Finance Ministry has now been confirmed, and the Employees’ Provident Fund Organisation (EPFO) shared the information about the increased interest rate on social media.
Last year, on March 28, EPFO announced an 8.15% interest rate for EPF for the fiscal year 2022-23. This marked a slight increase from the previous fiscal year’s rate of 8.1%, which was the lowest in four decades. In March 2022, EPFO had reduced the interest rate for 2021-22 to 8.1%, a significant drop from the 8.5% rate in 2020-21, affecting approximately 7 crore employees.
Also read: When will the Interest Money be Credited to Your PF Account? Big Update from EPFO
Checking Credited EPFO Interest
Employees can check the credited EPFO interest through several methods. Here are the steps for each:
- EPFO Portal:
- Visit the official EPFO website (https://www.epfindia.gov.in).
- Navigate to the ‘For Employees’ section under the ‘Our Services’ tab.
- Click on ‘Member Passbook’ under ‘Services.’
- Log in using your Universal Account Number (UAN) and password.
- Once logged in, you can view your passbook, which includes details of the credited interest.
- UMANG App:
- Download the UMANG app from the Google Play Store or Apple App Store.
- Open the app and register using your mobile number.
- Search for ‘EPFO’ and select the ‘Employee Centric Services.’
- Click on ‘View Passbook,’ enter your UAN and OTP received on your registered mobile number.
- You can then view your EPF passbook with the updated interest credits.
- SMS Service:
- Ensure your UAN is linked with your bank account, Aadhaar, and PAN.
- Send an SMS in the format ‘EPFOHO UAN’ to 7738299899 from your registered mobile number.
- You will receive an SMS with details of your latest EPF balance, including the credited interest.
- Missed Call Service:
- Give a missed call to 011-22901406 from your registered mobile number.
- You will receive an SMS with your EPF balance and the latest credited interest details.
- EPFO e-Sewa Portal:
- Log in to the EPFO e-Sewa Portal using your UAN and password.
- Click on ‘Member Passbook’ to view the detailed statement of your EPF account, including interest.
The increase in the EPF interest rate to 8.25% is a positive move for employees, offering better returns on their provident fund savings. Keeping track of these changes and regularly checking the credited interest can help employees stay informed about their EPF balance and financial planning.