EPF Interest Rates: This year, Employees Provident Fund Organization ( EPFO ) has given good news to crores of subscribers. More than Rs 6 crore PF holders will get increased interest rates on their PF accounts. In February 2024, EPFO ​​had increased the interest rate by 0.10 percent (EPF interest rate hiked).

This means that the interest rate for the financial year 2023-24 has become 8.25 percent. After this announcement, subscribers are curious to know whether interest has come in their PF account or not .

When does interest come in PF account?

Let us tell you that you get annual interest on the contribution made from your salary in the EPF account. This means that if the government revises the interest rate of the scheme in any year, then the interest on the funds deposited in the PF account is calculated and credited in the same.

Let us tell you that interest in PF account is calculated every month. However, this interest is credited together once a year. Actually, EPFO ​​credits the interest at the end of the financial year.

How to check EPF Balance

EPFO users can easily check EPF balance online. He can easily know from the passbook transactions whether the interest money has come to his account or not.

Users have many ways to check EPF balance. Users can also check EPF balance through EPFO ​​Portal, Missed Call, Umang App and SMS.

How to check balance from EPFO ​​portal

• The user has to first go to the EPFO ​​portal (https://www.epfindia.gov.in/site_en/index.php) and log in with the help of UAN number (Universal Account Number).
• Now click on ‘Our Services’ and select ‘for employees’ in the drop-down menu.
• After this click on ‘member passbook’.
• Now enter UAN and Password again and log in by entering captcha.
• After logging in, fill the Member ID, after which the EPF balance will be shown to you.

Check balance by giving missed call also

If users want, they can also check EPF balance through missed call. For this the user will have to give a missed call on the number 011- 22901406. After the missed call, the user will receive an SMS in which the balance will be shown. Let us tell you that you have to give a missed call only from the mobile number registered with the EPF account.

How to check balance through SMS?

User should send SMS to number 738299899 by writing EPFOHO UAN ENG (instead of ENG, write the code of the language in which you want the message). After this, EPF balance will be shown to you in the reply.

Check balance from UMANG App

Step 1- Install UMANG (Unified Mobile Application for New-age Governance) app in your phone.

Step 2- Now open the app and log in to it.

Step 3- After this click on ‘EPFO Option’ and go to ‘Employee Centric Services’.

Step 4- Now click on ‘view passbook’.

Step 5- After this you will have to enter the UAN number, after which OTP will come on your mobile number.

Step 6- After entering the OTP, the PF account will be logged in. Now PF passbook will be shown to you.

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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.

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PF account holders can get great news today. The government can deposit the EPF interest money in their account . If this happens, then PF account holders will get interest at the rate of 8.1 percent. Interest is likely to be deposited in the account on Monday. This information has been given in a media report. It has been informed by quoting sources that the software upgradation work ofcc ​​has been completed and now it can start depositing interest money in the account of customers. Upgradation work was going on in EPFO’s software for income tax deduction. Because of this, there was a delay in getting the interest money.

An equal amount is deposited in the EPF account every month by the company and the employee. This amount is 12 percent of the basic salary and DA. 12 percent of the employees and 12 percent are deposited in the PF account by the company. If the employee wants, he can also deposit more than 12 percent in the EPFO ​​account, but for this he will have to open an account of the Voluntary Provident Fund (VPF) scheme. If EPF money is going to be deposited in your account as well, then check the balance once.

How to check EPF balance

1. Balance Check from UMANG App- UMANG App is a government app on which many services are available simultaneously. Many facilities related to EPF are available on this app. Like EPF passbook, claim submission, claim tracking etc. Those who want to check EPF balance on UMANG app, they have to first download it in their mobile phone. After this, you have to enter your phone number in the app. With this, one time registration will have to be completed.
2. Balance Check from EPFO ​​- Click on ‘Member Passbook’ option on the EPFO ​​website. You can view the amount deposited with the PF passbook by logging in using your UAN and password. You will see the account of the money deposited by the employee and the company and the opening-closing balance. On the EPFO ​​website itself, you will get information about the earnings linked to the PF account and the past PF transfers.
3. Balance Check by SMS- To get EPF balance send an SMS to mobile number 7738299899. EPFOHO UAN ENG should be the message text where UAN is the Universal Account Number and ENG is the English language. If you want to receive information in another language, you can do so by using the three characters of your preferred language.
4. Balance Check by Missed Call- A missed call on 011-220-1406 from your UAN registered mobile number will give you the required information. You have to ensure that your UAN is linked with your bank account number, Aadhaar number and PAN number.

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EPF Interest: This year on Diwali, employed people can get great news. Actually, the government can soon transfer the interest amount to the account of PF account holders. For this, EPFO ​​can soon announce to transfer interest for 2021-22 to the accounts of more than 6.5 crore customers. Explain that in 2021-22, EPFO ​​will deposit interest at the rate of 8.1 percent in the account of its members. This amount will be directly deposited in your PF account. 

This is how the calculation of interest happens: 
Explain that there is a contribution of both the employee and the employer in the PF account. In this, 24% of the basic and Dearness Allowance (DA) together are deposited. But interest is not earned on the entire payment. Your PF gets deposited every month, while interest is accrued on an annual basis. According to the EPFO ​​rules, if there is any withdrawal on the last date of the financial year, then 12 months interest is deducted after deducting it. EPFO always takes the opening and closing balance of the account and the monthly running balance is added accordingly. 

If 10 lakhs are deposited in the account, then you will get this amount: 
For the year 2021-22, money will be given on EPF at 8.1 interest rate. Accordingly, interest at the rate of 8.1 percent will be transferred on the amount deposited in the account of any PF account holders. Suppose you have one lakh rupees deposited in your PF account, then at the rate of 8.1 percent, you will get 8,100 rupees as interest annually. On the other hand, if the amount deposited in your PF account is 10 lakh rupees, then 81 thousand rupees will be transferred to your account as interest.

Check the amount deposited in your account like this: 
– To check the amount deposited in your PF account, first of all go to the website of EPFO. 
– Here in Our Services dropdown, select ‘For Employees For Employees’. 
Then click on Member Passbook. Log in here by submitting your UAN number and password. 
Now select your PF account. As soon as you open it, you will see the balance in front of you.  
Apart from this, you can easily get the balance information in the account by sending a message. 
For this, you have to type EPFOHO UAN ENG from your registered mobile number and send it to 7738299899. The last three characters of the message are for the language. If you want information in Hindi then you can send HIN.

You can also know the balance by missed call: 
For this, you have to give a missed call to the phone number of EPFO ​​​​from your registered mobile number. This service can be availed only when KYC is updated from your UAN. If KYC is updated, you can check the balance by missed call in the two steps mentioned below.
Give a missed call to 011-22901406 from your registered mobile number.
After making a missed call, you will get an SMS with your PF details, which will have complete balance details. 

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Employees’ Provident Fund Organization (EPFO) is going to deposit 8.1 percent interest soon. The amount will be directly credited to your EPF account. The decision on interest was taken in the last meeting of the Central Board of Trustee of EPFO. After this the Ministry of Finance had also given its green signal. Interest for the financial year 2020-21 will be released for more than 6.5 crore subscribers of EPFO. 

Do not get the benefit of interest on the entire money in EPF fund

The contribution of both the employee and the employer goes to the Provident Fund Account. In this, 24% share is deposited by including Basic and Dearness allowance. The government pays interest on EPF every year on deposits in the EPF account. But, do you know how interest is calculated in EPF account? It is generally understood that interest is earned on the entire money deposited in the Provident Fund. but it’s not like that. No interest is calculated on the amount that goes into the pension fund in the EPF account.

How is interest calculated in EPF?

Interest is calculated on the basis of the monthly running balance that is deposited in the EPF account every month. However, it is credited annually. According to the rules of EPFO, if there is any withdrawal from the balance on the last date of the financial year, then 12 months interest is deducted after deducting it. EPFO always takes the opening and closing balance of the account. In this, the monthly running balance is added and multiplied by the rate of interest / 1200.

Withdrawal leads to loss of interest

If any amount is withdrawn during the financial year, then the interest amount is charged from the beginning of the year to the month immediately preceding the withdrawal. The closing balance of the year will be its opening balance + Contribution-Withdrawal (if any) + Interest, the full amount is calculated.

Think of it like this for example

Basic Salary + Dearness Allowance (DA) = Rs 30,000
Employee Contribution EPF = 12% of Rs 30,000 = Rs 3,600
Employer Contribution EPS (subject to limit of 1,250) = Rs 1,250
Employer Contribution EPF = (3,600-1,250) = Rs 2,350
Total Monthly EPF contribution = 3,600 + 2350 = Rs 5,950

Calculation on EPF Contribution in Every Financial Year

Total EPF contribution in April = ₹ 5,950
EPF interest in April = Nil (No interest in first month)
EPF account balance at the end of April = ₹ 5,950
EPF contribution in May = ₹ 5,950
EPF account balance at the end of May = ₹ 11,900
Monthly interest calculation = 8.10% / 12 = 0.00675% Interest calculation
on EPF for May = ₹ 11,900 * 0.007083% = Rs 80.32

By which formula is it calculated?

EPF Interest Calculation: The interest rate for any financial year is notified by the government. Interest is calculated at the end of the current financial year. The interest is calculated by adding the balance amount on the last date of every month of the year by dividing that amount by dividing the fixed interest rate by 1200.

How to check EPF Balance?

The information about the balance of PF from the UAN number will be received through the message. 
SMS has to be sent by writing EPFOHO to 7738299899 from your registered mobile number.
After this, you will be given information about the balance in the EPF account through a message from EPFO. It also includes the interest amount.
PF balance information is available in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali languages.

You can also check balance like this

To check PF balance, it is necessary to link UAN with bank account, PAN and Aadhaar. You can check the balance on your passbook on the website of EPFO. You can also check balance by giving missed call on 011-22901406 from your registered mobile number. Balance check can also be done on Umang app with the help of UAN.

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First, their dearness allowance is set to increase by the end of September. Talks are also likely to be made in talks with the government on the second DA arrears. However, the government is not in favor of giving arrears. At the same time, the interest money of Provident Fund will also be credited in the accounts till Diwali from EPFO. Private sector employees will also get the benefit of EPF interest.

DA will increase by 4%, DR The government is also going to give benefits to central employees in Dearness Allowance (DA) and Dearness Relief (DR). It is expected that their dearness allowance is going to be announced by the end of September 2022. The current dearness allowance rate is 34 per cent. It is set to increase by 4%.

This means that in the coming months, the total payment to the central employees will be from 38%. Along with this, he can also get arrears of two months along with the salary of September. If sources are to be believed, the government can announce it during Navratri. If this happens, the employees will get DA at the rate of 38 percent. At the same time, the DR of pensioners will also reach 38 percent.

DA Arrear can also get money!

Central employees are happy that their dearness allowance has reached 38 percent. The DA, which was frozen in May 2020, was reinstated from July 2021. But, in the meantime the arrears of one and a half years were not given. This is a pretty hefty amount. The government had clarified in the Rajya Sabha that dearness allowance for one and a half years was frozen. In such case arrears will not be paid.

From July, dearness allowance is being given with increased rates. But, since then the union has been continuously trying to discuss with the government the demand for DA arrears. Talks have taken place many times, but no solution has been found. Different employee organizations are claiming that this time their demand can be fulfilled. The government can find some solution for this.

Employees’ Provident Fund Organization (EPFO) will credit the interest money in the EPF accounts of the subscribers before the festivals. The process has started. By the end of October, interest at the rate of 8.1 percent will be added to everyone’s account. In such a situation, they can also get a gift around Diwali. Let us tell you, EPFO ​​pays interest on the EPF amount for every financial year. In the current financial year, interest has been fixed at the rate of 8.1 percent.

How much interest was received in which year?

2013-14 8.75 percent
2014-15 8.75 percent
2015-16 8.80 percent
2016-17 8.65 percent
2017-18 8.55 percent
2018-19 8.65 percent
2019-20 8.50 percent
2020-21 8.10 percent

Know PF balance by giving missed call

You can check PF balance by just making a missed call. For this, you have to make a missed call on 011-22901406 from the mobile number registered in your PF account. After this you will get a message in which you will get information about the PF money present in your account.

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A big update has come regarding Employees’ Provident Fund (EPF). It was being said that the government may soon change the interest rate on EPF. Last month itself, the central government had approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. Now the Minister of State for Labor and Employment, Rameswar Teli in Parliament has cleared the government’s stand regarding the change in interest rate. He has given information to the Rajya Sabha in a written reply to a question.

Rameshwar Teli was asked whether the government would reconsider increasing the rate of interest on the amount deposited in EPF. Responding to this, he made it clear that there is no proposal to reconsider the interest rate. Also, Rameshwar Teli told that the interest rate of EPF is higher than the interest rate available on many government schemes. He told that the interest rate of EPF (8.10 percent) is higher than the interest available on Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

Based on the recommendation of the CBT, the Center in June this year had approved an interest rate of 8.1 per cent on PF deposits for 2021-22. The Minister of State said that the interest rate is dependent on the income received from the investment of EPF. It is distributed only as per the EPF Scheme, 1952.

lowest interest in four decades

Right now the rate of interest on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.

Where would the PF money be invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. The interest of PF is decided on the basis of earning from debt and equity.

The post EPF Interest Rate: Will the interest rate on EPF increase? check here all details immediately first appeared on Rightsofemployees.com.

A big update has come regarding Employees’ Provident Fund (EPF). It was being said that the government may soon change the interest rate on EPF. Last month itself, the central government had approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. Now the Minister of State for Labor and Employment, Rameswar Teli in Parliament has cleared the government’s stand regarding the change in interest rate. He has given information to the Rajya Sabha in a written answer to a question.

No proposal for change

Rameshwar Teli was asked whether the government would reconsider increasing the rate of interest on the amount deposited in EPF. Responding to this, he made it clear that there is no proposal to reconsider the interest rate. Also, Rameshwar Teli told that the interest rate of EPF is higher than the interest rate available on many government schemes. He told that the interest rate of EPF (8.10 percent) is higher than the interest available on Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

Based on the recommendation of the CBT, the Center in June this year had approved an interest rate of 8.1 per cent on PF deposits for 2021-22. The Minister of State said that the interest rate is dependent on the income received from the investment of EPF. It is distributed only as per the EPF Scheme, 1952.

Lowest interest in four decades

Right now the rate of interest on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent.

Where would the PF money be invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. The interest of PF is decided on the basis of earning from debt and equity.

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