PF Interest Rate: There is good news for the provident fund account holder. The long wait for interest is about to end now. Soon the interest money (PF Interest Rate) will be credited to your account.
EPFO has to credit interest money for the financial year 2021-22. But, there was no update on this for a long time. EPFO had announced in October that EPF Subscribers will start getting money from November. But, till now the interest is stuck. However, the reason for this has not yet been disclosed openly by EPFO. Whereas, the Finance Ministry had approved interest payment at the rate of 8.1% in June 2022 itself.
EPFO trustees also expressed concern
The trustee of EPFO has also expressed concern over the fact that money has not yet come into the account of the EPF account holder. This wait has been too long. But, now sources in the Ministry of Labor are telling that EPFO can start putting it from 28 February. Means EPF Interest money will be credited before the festival of Holi. However, this is a long process. That’s why it may take time till March 15-20 to get the interest money in the account of all the account holders. However, EPFO has not yet officially announced that it will start depositing money from February 28.
Interest money will be received before Holi
For the past few years, the account holders are not getting the EPF interest money on time. For 2020-21, 8.5% interest rate was fixed on PF in March 2021, while interest money was received in December 2021. At the same time, in March last year also, the interest rate for 2021-22 was fixed at 8.10 percent. But, the money has not been credited in the account yet.
Interest rate on EPF in last five years?
1- Year: 2021-2022
EPF Interest Rates: 8.10%
2- Year: 2020–2021
EPF Interest Rates: 8.50%
3- Year: 2019-2020
EPF Interest Rates: 8.50%
4- Year: 2018-2019
EPF Interest Rates: 8.65%
5- Year: 2017-2018
EPF Interest Rates: 8.55%
New rules for EPF withdrawal
The government has changed the rules of EPF withdrawal in the budget 2023. Big relief has been given to the account holders. According to the new rule, now TDS on withdrawal of EPF has been reduced from 30% to 20%. This will be applicable to those PF account holders whose PAN card is not updated in EPF account. According to the existing rules, if someone’s PAN card is not in the records of EPFO, then 30% TDS has to be paid on withdrawal of money, but from April 1, 2023, 20% TDS will have to be paid. If the EPF account holder withdraws within 5 years of service history, then he has to pay TDS.
How to check your EPF Balance?
- Follow the process given below to check balance online
Step 1- Visit the official website of EPFO at epfindia.gov.in.
Step 2- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.
Step 3- When the new page opens, you have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.
Step 4- On login, there will be a drop down in front of you, it will have different PF account options. Select the current member ID.
Step 5- Now the passbook will open in front of you. In this, you can see the monthly contribution of both you and the employer. Along with this, the overall balance will also be visible. It will also show whether the interest amount has been credited or not. If interest has been credited by EPFO, then it will be reflected here.
Check balance through SMS and Umang App
You can check the passbook of your PF account to see whether your interest money has come or not. You can either visit the official website of EPFO for this. Or you can also send the message ‘EPFOHO UAN ENG’ to 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through UMANG app.