8.15% Interest for EPFO subscribers 'in pipeline', to be credited 'shortly'

The interest rate on EPF is reviewed annually, and for the fiscal year 2022-23, it is set at 8.15 per cent, up from the 7.59 per cent interest rate provided in FY22.

The Employees’ Provident Fund Organisation (EPFO) has started the process of crediting interest to provident fund (PF) accounts for the financial year 2022-23. 

The retirement fund body provided the update on crediting of interest on X (formally Twitter) on November 10.   

“The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience,” said EPFO, replying to a user who raised the issue of “timely interest" payments of interest. 
 

Notably, the interest rate on EPF is reviewed annually, and for the fiscal year 2022-23 (FY23), it is set at 8.15 per cent, up from the 7.59 per cent interest rate provided in FY22. This rate is applicable to deposits made between April 2022 and March 2023. The interest is calculated monthly and gets credited to the Employees' Provident Fund account annually.

With over 60 million subscribers and managing a corpus exceeding Rs 12 lakh crore, the EPFO provides its beneficiaries provident funds, pension, and insurance benefits through three schemes. In August, the retirement fund body EPFO recorded a net member addition of 16.99 lakh.

How to check the balance in an EPF account?

EPFO members can check their PF account balance and interest credits through the EPFO portal, UMANG app, or by calling the EPFO customer care number at 1800-118-005. The EPFO emphasises the importance of activating the Universal Account Number (UAN) and has provided a comprehensive guide for members.

To activate your UAN, follow these steps:

1. Visit the EPFO portal.

2. Choose the “Activate UAN" link.

3. Enter your UAN and required details.

4. Click “Activate UAN."

To check your EPF balance, follow these steps:

1. Access the EPFO portal or UMANG app.

2. Log in with your UAN and password.

3. Go to the “Member Passbook" section.

4. Click “View Passbook."

5. Your PF passbook with relevant employment details will be displayed.

6. Select the appropriate member ID if you've worked for different organizations.

7. Review the “Balance" column to determine your EPF balance.

For checking EPFO balance via SMS:

Send “EPFOHO UAN ENG" to 7738299899 from your registered mobile number, replacing UAN with your Universal Account Number and ENG with your chosen language. Receive an SMS response containing your EPF balance and additional details.