EPFO Interes Rate: There is great news for 7 crore EPFO members. The Union Finance Ministry has made a big announcement. The ministry has approved the increase in interest rates for Employee Provident Fund deposits. In February this year, the Employees Provident Fund Organization had announced the interest rate to be 8.25 percent for the financial year 2023-24, which has now been approved by the Finance Ministry.
EPFO Interes Rate: There is great news for 7 crore EPFO members. The Union Finance Ministry has made a big announcement. The ministry has approved the increase in interest rate for Employee Provident Fund deposits. In February this year, the Employees Provident Fund Organization had announced to increase the interest rate to 8.25 percent for the financial year 2023-24, which has now been approved by the Finance Ministry.
EPFO has increased the new interest rate for 2023-24 from last year’s 8.15% interest rate to 8.25%. Giving information on the social media platform X, EPFO said that EPF members will avail interest of 8.25% for the financial year 2023-24. The new rates were notified in May 2024. Now the employees are just waiting for the interest to be credited to their PF account.
The department gave information
EPFO posted on the social media platform X and said that the interest rate for EPF members is not declared quarterly. Generally, the annual interest rate is declared in the first quarter of the following financial year after the end of the financial year. Hence the interest rate of 8.25% for the financial year 2023-24 for EPF members has already been approved by the Government of India which has been notified by the EPFO on 31-05-2024. Interest at these revised rates is already being paid to the outgoing members in their final PF settlement. It said that 23,04,516 claims have been settled disbursing an amount of Rs 9260,40,35,488 to the members including the latest declared interest rate of 8.25% per annum.
This is how you can check
- Go to the official Umang app, log in and access your EPF passbook on your mobile device.
- EPF Website: Visit the EPF India website and go to the “For Employees” option. Click on “Member Passbook” under the “Services” tab. Use your UAN, password and captcha to log in. Your passbook will appear within 6 hours of registration.
- SMS Service: To use the SMS service, send the message “EPFOHO UAN” to 7738299899.
- Missed Call Service: You can get passbook details by giving a missed call to 9966044425 from your registered mobile number.
