EPF Interest Rate: There is good news for more than 6.5 crore account holders of Employees’ Provident Fund Organization (EPFO). This time Diwali of the employees is going to be more bright.
The interest amount is going to be transferred soon in the account of PF account holders. EPFO may soon announce the transfer of interest for 2021-22 to the accounts of more than 6.5 crore subscribers. This time the Employees’ Provident Fund Organization (EPFO) will deposit interest at the rate of 8.1 percent in the account of its members. The amount of which will be directly credited to your PF account. The decision on interest was taken in the last meeting of the Central Board of Trustee of EPFO. After this, the Finance Ministry has also given its consent on this.
Interest is not available on the entire money
Let us tell you that there is a contribution of both the employee and the employer in the Provident Fund account. In this, 24 percent of the basic and dearness allowance together are deposited. But you will be surprised to know that the organization does not pay interest on the entire payment. Let us know on which amount the Provident Fund Organization pays the interest amount.
This is how interest is calculated
Your PF gets deposited every month, while the interest is credited on an annual basis. But let us tell you that the calculation of interest is done on a monthly basis. According to the rules of EPFO, if there is any withdrawal on the last date of the financial year, then the interest for 12 months is deducted. The organization always takes the opening and closing balance of the account and accordingly the monthly running balance is added and the rate of interest is multiplied by / 1200.
Check interest with this easy process
You do not need to worry to check interest money in EPFO. There are several ways to check whether the interest amount has been credited to your account. By the way, information about transfer of interest from EPFO is given to every subscriber by messaging. But, you can easily get the balance information in the account by sending a message yourself. You just have to type ‘EPFOHO UAN ENG’ on your mobile phone and send it to 7738299899. The last three characters of the message are for the language.
