EPF rates for FY 23-24 increased to 8.25%: When will it be credited? Here's how to check your account balance
The Employees' Provident Fund Organization (EPFO) has raised the interest rate for EPF deposits to 8.25% for FY 2023-24, the highest in three years. The interest is being credited to accounts following discussions with the Finance Ministry. Members can check their balance via the EPFO website, SMS, or missed call service. Interest is credited annually on March 31st.
FollowThe Employees' Provident Fund Organization (EPFO) has announced a rise in the interest rate for Employees' Provident Fund (EPF) deposits for the fiscal year 2023-24, reaching 8.25 per cent, marking the highest rate in the past three years. This increase, from the previous 8.15 per cent, was implemented in February after discussions with the Finance Ministry.
Many employees have eagerly anticipated the crediting of this enhanced interest rate to their EPF accounts. Responding to inquiries, the EPFO has assured members that the process has commenced, and the interest will be credited as swiftly as possible. It's noteworthy that despite the ongoing credit process, members will receive the full interest amount, ensuring no loss.
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In the preceding financial year, 2022-23, the EPFO credited interest to a substantial 28.17 crore member accounts. Members can conveniently track their interest accrual through their passbook.
How to check the balance?
The mechanism for checking EPF balance is straightforward. Members can visit the EPFO's official website and navigate to the 'Services' section, selecting the 'For Employees' option. From there, accessing the 'Member Passbook' and logging in with their Universal Account Number (UAN) and password will provide access to their passbook.
Alternatively, the EPF balance can be checked via SMS by typing "EPFOHO UAN ENG" and sending it to 7738299899. For information in Kannada, simply replace "ENG" with "KAN." Additionally, members can opt for the missed call service by dialling 9966044425 from their registered mobile number. After two rings, they'll receive their balance details via SMS.
EPFO hikes interest rate on deposits to 8.25% from 8.15%
It's crucial to note that while the EPF interest rate is recalibrated annually following consultations with the Finance Ministry, interest is credited to accounts only once a year, specifically on March 31st. However, interest is calculated monthly based on the closing balance of each month and the year overall.
As the EPFO diligently works to credit the enhanced interest rate for 2023-24, members can utilize these convenient methods to keep track of their EPF balance and ensure financial transparency and security.
