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The Employees' Provident Fund serves as a significant pillar of support for those working in the private sector. Consequently, any update regarding it has a direct impact on millions of employees across the country. Over the past several days, claims have been circulating on social media and other media platforms suggesting that the government might increase the interest rate on PF deposits to 10 percent. While there was speculation that the current interest rate—standing at 8.25 percent—could be hiked, the government itself has issued a clarification regarding these reports.

Through a written statement submitted in Parliament, the government has stated that there is currently no such proposal under consideration. In other words, the government presently has no intention of increasing the interest rate on PF deposits. Addressing the issue of interest rate hikes, the government noted that the interest rate on PF is determined by the Central Board of Trustees of the Employees' Provident Fund Organization (EPFO). Furthermore, the government maintains that the current rates remain attractive and secure when compared to other savings schemes.

**What is the Current Interest Rate?**
The interest rates set by the government for the Employees' Provident Fund (EPF) have remained relatively stable over the past few years, experiencing only minor fluctuations. For the financial year 2023-24, the interest rate on EPF was fixed at 8.25%, a figure considered to be one of the highest levels recorded in the last three years. Prior to this, the rate stood at 8.15% in the financial year 2022-23 and 8.10% in 2021-22, while it was at the 8.50% level in 2020-21. Overall, following a slight decline in recent years, interest rates have now witnessed a recovery—a development that comes as a relief to investors.

**How ​​to Check Your EPF Balance via ‘Passbook Lite’?**
The EPFO ​​Member Portal now offers a new feature called ‘Passbook Lite.’ EPFO ​​members can use this feature to view their passbook, which provides a summary of their deposits, withdrawals, and current balance.

Here is a step-by-step guide on how to check your EPF balance using the EPF Passbook Lite feature. 
Step 1 – Visit the EPFO ​​website and log in using your UAN. 
Step 2 – Click on ‘View’ at the top left of the page. 
Step 3 – Select ‘Passbook Lite’ from the drop-down menu. 
Step 4 – You can view your last five contributions. 
Step 5 – To view full details, select a Member ID and click on ‘View Passbook’.

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