When Will EPF Interest Be Credited for FY24: The interest on provident fund deposits for the Financial Year 2023-24 (FY24) is eagerly awaited by salaried workers.
The Employees’ Provident Fund Organisation (EPFO) increased the interest rate on deposits from 8.15 percent to 8.25 percent in February. Interest is calculated monthly and contributions are deposited annually.
EPFO responded to a query regarding EPFO’s interest in social media platform X (formerly Twitter);
“The process is in the pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest.”
By March 2024, 281.7 million EPFO members had been credited with interest for FY23.
A mandatory retirement and savings plan for salaried employees is the EPF. According to EPF regulations, employees are required to contribute 12 percent of their basic pay to this fund each month. In addition to matching the contributions, employers also contribute to employees’ PF accounts. The Central Board of Trustees of EPFO reviews the interest rate on EPF deposits annually.
The EPFO website, missed calls, SMS, and the Umang App allow members to check their EPF balance in a variety of ways. They can also track their contributions, interest earned, and overall balance by accessing their passbooks.
Here’s how to check your EPF balance online:
- EPF’s official website can be found here.
- Enter your UAN (Universal Account Number), password, and captcha code to log in.
- Navigate to the e-Passbook section after logging in.
- If you have more than one member ID, select the one that applies.
- The screen will display your total EPF balance.
How to check your EPF balance on UMANG app:
- Install the UMANG app on your smartphone.
- From the list of services, select EPFO.
- Go to the employee centric services section.
- Passbook can be viewed by selecting View Passbook.
- Please enter your UAN number and password.
- Your registered mobile number will receive an OTP.
- To authenticate your identity, enter the OTP.
- The UMANG app now allows you to view your EPF balance.
Also Read: Key Financial Changes Effective from April 1: EPFO to Taxation Rules
