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News Business When will EPF interest be credited for FY 2023-24? All you need to know about it

When will EPF interest be credited for FY 2023-24? All you need to know about it

The Employees’ Provident Fund Organisation (EPFO) increased the interest rate on provident fund deposits for FY 2023-24 from 8.15% to 8.25%, with many eagerly awaiting the crediting of their interest. EPFO calculates interest monthly, with contributions deposited at the fiscal year-end.

EPF Image Source : INDIA TVWhen will EPF interest be credited for FY 2023–24? All you need to know about it
Edited By: Nitin Kumar
April 25, 2024 14:36 IST

In a move welcomed by salaried workers, the Employees’ Provident Fund Organisation (EPFO) raised the interest rate on provident fund deposits for the Financial Year 2023–24 (FY24) from 8.15% to 8.25%. This adjustment, announced in February, has left many eagerly awaiting the crediting of their interest.

Interest calculated monthly, and deposits expected soon

EPFO calculates interest on provident fund deposits monthly, with the contributions deposited at the end of the fiscal year. Responding to queries about the crediting process, EPFO assured members via social media platform X (formerly Twitter) that the interest for FY24 is in the pipeline and will be credited shortly. Notably, the organisation promised that any delay in crediting would not result in a loss of interest for members.

FY23 interest already credited

While members await their FY24 interest, it’s worth noting that EPFO has already credited the interest for the previous fiscal year, FY23, to the accounts of 281.7 million EPFO members as of March 2024.

EPF: A mandatory savings scheme

The EPF scheme serves as a mandatory savings and retirement plan for salaried employees. Under this scheme, employees contribute 12% of their basic pay each month, with employers matching the contribution to employees’ PF accounts. The EPFO’s Central Board of Trustees reviews the interest rate for EPF deposits annually.

How to check EPF balance online

  1. Visit the official EPF website.
  2. Log in using your UAN (Universal Account Number), password, and captcha code.
  3. Navigate to the e-Passbook section.
  4. Select the relevant member ID (if applicable).
  5. Your total EPF balance will be displayed on the screen.

How to check EPF balance on UMANG App:

  1. Open the UMANG app on your smartphone.
  2. Select the EPFO option from the list of services.
  3. Navigate to the employee-centric services section.
  4. Choose the View Passbook option.
  5. Enter your UAN number and password.
  6. You will receive an OTP on your registered mobile number.
  7. Enter the OTP to authenticate your identity.
  8. Now you can view your EPF balance within the UMANG app.

Checking EPF balance: Easy methods

Members can conveniently check their EPF balance using various methods, including the EPFO official website, missed calls, SMS, or the Umang App. Accessing the passbook allows members to track their contributions, interest earned, and overall EPF balance.

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