EPF interest rate hiked to 8.25% for FY 23-24; 4 ways to check your EPF balance EPFO will then credit the agreed rate of interest to its EPF subscribers' accounts
The Central Board of Trustees (CBT) EPF has proposed an annual rate of interest on EPF accounts for the fiscal year 2023-24. This interest rate will be formally announced in the government gazette if approved by the Ministry of Finance. EPFO will then credit the agreed rate of interest to its EPF subscribers' accounts.
What is the EPF Interest rate for FY2023-34?
For the fiscal year 2023–2024, the CBT suggested crediting members' EPF accumulations with an annual rate of interest of 8.25%. The interest rate earlier was 8.15%.According to the PIB release dated February 10, 2024, “The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members' accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.”
Here is how to check EPF balance
How to check EPF balance using Umang app
Employees can access the Umang app on their smartphones to check their PF balance. To give citizens access to a range of government services in one place, the government released the Umang app. Users can submit claims, view their EPF Passbook, and follow their claims using the software. Enter your phone number and finish a one-time registration to get started. .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:10px;font-weight:500;line-height:18px;} #sr_widget .sr_desc{margin:0 auto 0;} #sr_widget .sr_desc{color: #024d99;}
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Also read: Latest EPFO rules: How to unblock inoperative EPF account, settle claims
How to check EPF balance using EPFO portal
On the EPFO website, go to the section for employees and click on "Member Passbook." By entering your UAN and password, you can access the PF passbook. The opening and closing balances as well as the employee and employer contributions will be broken down. The total of any PF transfers as well as the amount of PF interest generated will be shown. The EPF balance can also be viewed in a passbook.
How to check EPF balance using missed call
If you are registered on the UAN site, you can access the information by making a missed call from your registered mobile number to 011-22901406. Make sure your bank account information, Aadhaar, and PAN are seeded into your UAN. You might even request that your employer plant them for you. There is no charge for this service.
Also read:EPFO restricts credits, deposits into EPF accounts linked with Paytm Payments Bank from this date
How to check EPF balance by sending SMS
If your UAN is registered with the EPFO, you may get information about your most recent contribution and PF balance by sending an SMS to 7738299899. You have to send the following communication: UAN EPFOHO ENG. The first three letters of the requested language are "ENG." To receive the message in Marathi, enter EPFOHO UAN MAR. Verify that your bank account, Aadhaar, and PAN are seeded into your UAN, or update the most recent data.
This story originally appeared on: India Times - Author:Faqs of Insurances
