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Big Update on EPFO Interest: In February this year, the Employees Provident Fund Organization (EPFO) announced an increase in the interest rate for the 2023-24 fiscal year. The interest rate has been raised from 8.15% to 8.25%. Recently, EPFO shared a major update regarding interest transfer, indicating that the process is currently in progress. Here’s a breakdown of the latest developments concerning EPFO interest and steps on how to check your balance.

EPFO Interest Update

Many EPFO members are eager to know when they will receive interest for the 2023-24 fiscal year. Responding to a query on social media platform X, EPFO clarified that the interest transfer process is underway, and members should soon see their interest credited. EPFO assured that all members would receive the interest, with no one facing any loss. For context, by March 2024, interest for the fiscal year 2022-23 had been deposited into the accounts of EPFO’s 28.17 crore members.

How Much Interest Will EPFO Members Receive?

The Employees’ Provident Fund (EPF), often referred to as PF, is a compulsory savings and retirement plan for active employees. After retirement, employees receive the accumulated amount from their EPF. Members can claim withdrawals and transfers either online or offline, and can also track the status of their claims online, regardless of the application method.

In companies with 20 or more employees, it’s mandatory to provide EPF benefits. As per the EPF and MP Act, an employee contributes 12% of their monthly income to the EPF, matched by an employer contribution. The employee’s full contribution goes to the EPF account, while 3.67% of the employer's contribution goes to EPF and the remaining 8.33% goes to the EPS (Employees’ Pension Scheme).

EPFO Interest Rate for FY 2023-24

The CBT (Central Board of Trustees) has recommended an annual interest rate of 8.25% on EPF for fiscal year 2023-24, up from the previous 8.15%. According to the February 10, 2024, PIB release, approximately ₹1,07,000 crore will be credited to EPF members' accounts as interest. Currently, members have around ₹13 lakh crore in EPFO’s accounts, and last year, ₹91,151.66 crore was distributed as interest on ₹11.02 lakh crore in deposits, marking the highest-ever interest payout.

How to Check EPF Balance on the Umang App

EPFO members can conveniently check their PF balance through the Umang app. Follow these steps:

1. Download and install the Umang app.
2. Register with your mobile number.
3. Choose EPFO from the options and click on ‘View Passbook.’
4. Select ‘Get OTP’ for your UAN. After entering the OTP received on your registered mobile number, your EPFO passbook will open, displaying your balance.

How to Check Balance on the EPFO Portal

1. Visit the EPFO website, go to the ‘Employee’ section, and select ‘Member Passbook.’
2. Enter your UAN and password to log in.
3. You’ll access your PF passbook, where you can see your own and your employer’s contributions, any transfer amounts, and the interest credited.

How to Check EPFO Balance via SMS

If your UAN is registered with EPFO, you can check your balance by sending an SMS to 7738299899. Just type UAN EPFOHO ENG to receive the information in English. For Marathi, type EPFOHO UAN MAR. Ensure your UAN includes your bank account, Aadhaar, and PAN information for the SMS service to work.

These convenient methods allow you to stay updated on your EPFO balance and monitor your savings anytime.