EPF interest for FY2024: When will interest be credited and how to check balance

There have been a number of queries from customers regarding their interest being credited to accounts.

In February, the retirement fund body, The Employees’ Provident Fund Organisation (EPFO) announced the interest rate on employees’ provident fund for FY2023-24, which it hiked by 10 basis points (bps) to 8.25% for the last fiscal year, the highest interest rate on EPF deposits in the last three years.

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When will the interest be credited to employees’ accounts?

There have been a number of queries from customers regarding their interest being credited to accounts. According to EPFO, the process is on, and employees will get EPF interest credited to their accounts shortly.

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As per the EPFO guidelines, “Interest is credited to the member’s account on monthly running balances basis with effect from the last day in each year in the following manner: (i) on the amount at the credit of a member on the last day of the preceding year, less any sums withdrawn during the current year—interest for twelve months; (ii) on sums withdrawn during the current year— interest from the beginning of the current year up to the last day of the month preceding the month of withdrawal; (iii) on all the sums credited to the member’s account after the last day of the preceding year—interest from the 1st day of the month succeeding the month of credit to the end of the current year; (iv) the total amount of interest shall be rounded to the nearest whole rupee (fifty paise counting as the next higher rupee).”

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How can you check your EPFO balance?

OFFLINE:

Give a missed call to 9966044425 from your registered mobile number linked to your UAN. You will get an SMS showing EPF balance details.

Send an SMS to 7738299899 in the format EPFOHO UAN ENG.

ONLINE:

EPFO Member Passbook portal: Visit the portal, log in with UAN and enter your password, Choose the PF account, and select ‘View PF Passbook’ to see your current balance and transaction history.

For UMANG App: download the app, go to the EFPO section, login with UAN, and enter the password.

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