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Diwali 2023: ‘Gift’ for employees as centre starts crediting PF interest; here how to check if you have received


The Employees Provident Fund Organization (EPFO) has started the process of crediting interest for provident fund (PF) accounts for the financial year 2022-23, offering an interest rate of 8.15 percent. This is the highest interest rate on PF accounts in over four decades. The interest rate fixed by the EPFO ​​for the financial year 2022-23 is a significant increase from the 7.59 percent interest rate provided in the previous paragraph. financial year.

The EPFO ​​interest rate is decided by the Principal Board of Trustees (CBT) of the EPFO ​​in collaboration with the Ministry of Finance. The interest rate declaration for the financial year 2022-23 was announced in June this year. Adjusted annually by the government of India, the interest is calculated based on the monthly closing balance of the PF account. The interest is credited to the PF account after every financial year.

The EPFO ​​has issued a cautionary note, indicating that there may be a delay in showing interest on PF accounts for the entire financial year 2022-23. This delay is attributed to the significant number of subscribers served by the EPFO, which requires a lot of time to process each interest payment. Union Labor Minister Bhupender Yadav confirmed that interest has been successfully credited to more than 24 crore accounts.

EPFO has assured that strenuous efforts are being made to expedite the crediting of interest to all accounts at the earliest. In response to a post on Platform X, formerly Twitter, on the issue of “timely interest” payments, the EPFO ​​said, “The process is on and may be shown there very soon. of interest. Please be patient.”

How to check the balance in EPF account?

EPFO members can review their PF account balance and the interest credited to their account online through EPFO ​​portal or UMANG app. Alternatively, they can seek assistance by calling EPFO’s customer care number at 1800-118-005.

The EPFO ​​has issued a comprehensive guide outlining the steps to check the EPF balance, highlighting the importance of activating the Universal Account Number (UAN) to address concerns among EPFO ​​members. in relation to interest credits.

To activate your UAN, follow these steps:

Step 1: Navigate to the EPFO ​​portal.

Step 2: Select the “Activate UAN” link.

Step 3: Enter your UAN along with other required details.

Step 4: Click on the “Activate UAN” button.

To find out your EPF balance, follow these steps:

Step 1: Access EPFO ​​portal or UMANG app.

Step 2: Login with your UAN and password.

Step 3: Navigate to the “Members Passbook” section.

Step 4: Click on the “View Passport” button.

Step 5: Your PF passbook will appear.

Step 6: Select the relevant employment data by selecting different member IDs for individuals employed by different organisations.

Step 7: Examine the “Balance” column to find out your EPF balance.

Check EPFO ​​balance via SMS

You also have the option to verify your EPFO ​​balance via SMS using your UAN. Just send “EPFOHO UAN ENG” to 7738299899 from your registered mobile number. Alternatively, you can replace UAN with your Universal Account Number and ENG with your preferred language.

You will be sent an SMS reply containing your EPF balance and additional details. This method is convenient to check your EPF balance, especially when internet access is not available.

Although EPF may be considered as a conventional investment option, it is wise to consistently allocate funds to this account monthly, given its high interest rates. Apart from mandatory contributions, voluntary contributions to your EPF account can further enhance your retirement savings.

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Updated: 10 November 2023, 06:10 PM IST

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