EPF Interest Rate: On the morning of July 24, good news has come for the employed. The interest received on EPF account has been increased. However, it was extended only till March 2023. But, the approval of the Finance Ministry was pending. Now after getting the approval of the Finance Ministry, EPFO will start issuing it. Let us tell you, EPFO has fixed 8.15 percent interest for the financial year 2022-23. Soon the interest credit will start in the account.
The Board CBT of Employees’ Provident Fund Organization (EPFO) had recommended fixing 8.15 per cent interest on EPF for the financial year 2022-23. It has now been approved by the Finance Ministry. EPFO has issued circular in this regard. It is also a matter of happiness that this time EPF account holders will get interest in the account soon. However, last time too, after the approval of the government, there was an intention to pay the interest quickly. But, this could not happen due to system failure. But, this year it will not be delayed.
EPFO will start crediting from August
After getting the approval of the EPF Interest rate, now it is the turn to be credited. According to the officials associated with EPFO, interest will be deposited in the month of August. About 7 crore account holders of EPFO will get its direct benefit. Last time, due to software upgradation, money was delayed in the accounts of the members, but EPFO says that this time it has been fully taken care of.
This is how EPF interest is calculated
Interest calculation is done on the basis of the money deposited in the EPF account every month i.e. monthly running balance. But, it is deposited at the end of the year. According to the rules of EPFO, if any amount has been withdrawn during the year from the balance amount as on the last date of the current financial year, interest for 12 months is deducted from it. EPFO always takes the opening and closing balance of the account. To calculate this, the monthly running balance is added and multiplied by the rate of interest/1200.
Where is the money deposited in EPFO put?
Employees’ Provident Fund Organization (EPFO) invests your money deposited in Provident Fund accounts (EPF account) in many places. A part of the earnings from this investment is given to you in the form of interest. EPFO invests 85% of the total deposits in debt options. These include government securities and bonds. There is a total investment of more than Rs 36,000 crore in this. The remaining 15% is invested in ETFs (Nifty & Sensex). PF interest is decided on the basis of earnings from debt and equity.
When and how much EPF interest was received?
Check your EPF balance like this
You can check the passbook of your PF account to see whether your interest money has come or not. You can either visit the official website of EPFO for this. Or you can also send the message ‘EPFOHO UAN ENG’ to the number 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through UMANG app.
Check PF Balance Online (How to check EPF Balance Online)
- Go to the official website of EPFO at epfindia.gov.in .
- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.
- When the new page opens, you will have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.
- After this you will get passbook open. In this, you will see how much contribution has been made from your employer and your side and how much interest has been received on it. If your interest has been credited by EPFO, it will be reflected in it.
Check balance from App
First of all download Umang App. After that register your phone number and login to the app. Go to ‘Service Directory’ by going to the menu given in the top left corner. Click on EPFO here. Here after going to View Passbook, you can see the balance through your UAN number and OTP.
