When will EPF interest be credited for FY24? All you need to know

'Process is in the pipeline', says EPFO on social media as subscribers wait

Salaried workers eagerly are waiting for the interest on their provident fund deposits for Financial Year 2023-24 (FY24). In February, the Employees' Provident Fund Organisation (EPFO) increased the interest rate on the deposits from 8.15 per cent to 8.25 per cent. The interest is calculated monthly and the contributions are deposited at the end of the fiscal year.

Responding to a query about EPFO FY24 interest on social media platform X (formerly Twitter), EPFO responded;

"The process is in the 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."

 

However, interest for the FY23 has been credited to the accounts of 281.7 million EPFO members as of March 2024.

The EPF scheme is a mandatory savings and retirement plan for salaried employees. According to EPF regulations, employees are required to contribute 12 per cent of their basic pay each month to this fund. Employers match the contribution to employees’ PF accounts. The interest rate for EPF deposits is reviewed annually by the EPFO's Central Board of Trustees.

Members can easily check their EPF balance using various methods such as the EPFO official website, missed calls, SMS, or the Umang App. By accessing their passbook, members can track their contributions, interest earned, and overall EPF balance.

How to check your EPF  balance online:

Visit the official EPF.

Log in using your UAN (Universal Account Number), password, and captcha code.

Once logged in, navigate to the e-Passbook section.

Select the relevant member ID (if you have multiple IDs).

Your total EPF balance will be displayed on the screen.

How to check your EPF balance on UMANG app:

Open the UMANG app on your smartphone.

Select the EPFO option from the list of services.

Navigate to the employee centric services section.

Choose the View Passbook option.

Enter your UAN number and password.

You will receive an OTP on your registered mobile number.

Enter the OTP to authenticate your identity.

Now you can view your EPF balance within the UMANG app.