The decision to increase the interest rate for 2023-24 was taken in the 235th meeting of the Central Board of Trustees of EPFO on Saturday under the chairmanship of Union Labor and Employment Minister Bhupendra Yadav.
EPF interest rate: The Employees’ Provident Fund Organization (EPFO) on Saturday fixed the interest rate on Employees’ Provident Fund (EPF) deposits at 8.25 percent for 2023-24. This is the highest in the last three years. The question is when will the increased interest rate be available and how can you check EPF balance.
Umang App: Employees can use Umang App on their smartphones to check their EPF balance. The government had released the Umang app for citizens to access multiple government services at one place. You will have to register in this app. After this you can see your EPF passbook and also make a claim.
EPFO Portal: You can access the PF passbook by visiting the EPFO website and entering your UAN and password. EPF balance can also be seen in the passbook. You can also get information by misscalling 011-22901406 from your registered mobile number.
Apart from this, EPFO can get information about PF balance check by sending an SMS to 7738299899 from the registered mobile number. For this, replace EPFOHO UAN ENG (“ENG” with the first three letters of your preferred language.
What was the interest rate before?
EPFO had marginally increased the interest rate on EPF for 2022-23 to 8.15 percent in March 2023 from 8.10 percent in 2021-22. EPFO had in March 2022 reduced the interest rate on EPF for six crore subscribers for 2021-22 to 8.1 per cent, the lowest in four decades. The interest rate on EPF was 8.5 percent in 2020-21. Earlier the EPF interest rate for 1977-78 was eight percent.
When will the interest rate be available?
According to a statement from the Labor Ministry, the decision to increase the interest rate for 2023-24 was taken in the 235th meeting of the Central Board of Trustees (CBT) of EPFO on Saturday under the chairmanship of Union Labor and Employment Minister Bhupendra Yadav.
This interest rate will be officially notified in the Government Gazette after the approval of the Finance Ministry. After this, EPFO will credit the approved interest rate into the accounts of its subscribers.
