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In the month of February this year, the Employees' Provident Fund Organization (EPFO) had announced the interest rate for the financial year 2023-24. EPFO has increased the interest rate for 2023-24 from last year's 8.15 percent to 8.25 percent. Now a big update has come out regarding interest. According to the information, the process of transferring interest money from EPFO ​​is in the pipeline. Let us also tell you what kind of fresh news is coming out with interest.

Regarding EPF interest, many EPF members are curious to know when they will get the interest for the financial year 2023-24. In response to a member's question on social media platform Interest money will be given. There will be no harm to anyone. Let us tell you that the interest for the financial year 2022-23 has been deposited in the accounts of 28.17 crore members of EPFO ​​till March 2024.

EPF Contribution Rule

Employees' Provident Fund (EPF), often called PF, is a mandatory savings and retirement planning option for active employees. After retirement, employees get the full amount of EPFO. EPF members can claim for withdrawal and transfer both online and offline. EPFO members can track the status of their EPF claim online, irrespective of the mode of application.

In companies where there are 20 or more employees, it is mandatory to give EPF to the salaried employees. Under the EPF and MP Act, an employee has to deposit 12 percent of his monthly income in the EPF account, in which the employer also contributes. Where the entire contribution of the employees is deposited in the EPF account. On the other hand, only 3.67 percent of the employer's share is deposited and the remaining 8.33 percent goes into EPS.

How much interest will you get?

For the financial year 2023-2024, CBT has suggested paying 8.25 percent annual interest on members' EPF money. Earlier the interest rate was 8.15 percent. According to the PIB release of February 10, 2024, the board has suggested to give approximately Rs 1,07,000 crore as interest in the accounts of EPF members. Rs 13 lakh crore of members is deposited in the EPFO ​​account. Whereas in the financial year 2022-23, EPFO ​​had released Rs 91,151.66 crore as interest on the deposits of Rs 11.02 lakh crore of members. The interest released this time is the highest till date.

How to check EPF balance on Umang app

Subscribers can now easily check their PF balance from home on the UMANG application. First of all download and install Umang app. After that the member registers with his mobile number. Go to the option, select EPFO ​​and click on “View Passbook”. Click on your UAN Dakler Get OTP. OTP will come on your registered mobile number. By entering it your EPFO ​​passbook will open. And your balance will be clearly visible on the screen.

How to check balance from EPFO ​​portal?

Go to the Employee section of the EPFO ​​website and click on “Member Passbook”. Enter your UAN and password. After logging in, you will reach the PF passbook. Here you can check your contribution and employer's contribution. The amount of any PF transfer and the amount of PF interest will also be visible. EPF balance can also be seen from the passbook.

How to check EPF balance by sending SMS?

If your UAN is registered with EPFO, you can get information about your contribution and PF balance by sending an SMS to 7738299899. For this you will have to write UAN EPFOHO ENG from your mobile. The first three letters of the language in which you want your details are “ENG”. To receive messages in Marathi, you have to write EPFOHO UAN MAR. After that you will have to verify whether bank account, Aadhaar and PAN are included in your UAN or not. After that you will also have to update your fresh data.