EPFO replied that the process of depositing interest amount in the account for the financial year 2022-23 is in the pipeline, it will be credited soon. Will be completed whenever the interest is paid. There will be no loss of interest.
EPFO PF Interest Money: There is good news for Employees Provident Fund Organization employees and PF account holders. Soon the interest money will be deposited in your PF account, the process has started regarding this. The special thing is that this time the Central Government has increased the interest received on the amount deposited in the Provident Fund (PF) to 8.15 percent for the financial year 2022-23, so now the employees will get more interest. Its benefit will be given to more than 6 crore PF account holders. There is a possibility that the work of sending funds can be started from September 2023, although it is yet to be confirmed.
In fact, recently a member had asked EPFO by tweeting that till when the interest amount will be deposited in our account. To this, EPFO replied that the process of depositing interest amount in the account for the financial year 2022-23 is in the pipeline, it will be credited soon. Will be completed whenever the interest is paid. There will be no loss of interest. Explain that the interest in the EPF account is calculated on a monthly basis, but it is deposited in the members’ account only at the end of the financial year.
Know how much deduction, how much benefit
According to the EPFO Act, if 12 percent of the base pay and DA of any employee is deposited in the PF account. On this, the concerned company also deposits the same amount i.e. 12% in the PF account of the employee. However, 3.67% of the contribution made by the company goes to the EPF account, while the remaining 8.33% goes to the Pension Scheme.
For example, if a total of Rs 10 lakh is deposited in the PF account by March 31, 2023, then with an interest rate of 8.15 percent, the interest will increase to Rs 81,500 i.e. a straight benefit of Rs 500. The same amount of Rs 5 lakh is deposited in an employee’s account. , then as per the new rate of interest, he will get an interest of Rs 40,750, which earlier used to be Rs 40,500, i.e. a profit of Rs 250. On the other hand, an employee with a deposit of Rs 3 lakh will get an interest of Rs 24,450.
Check balance like this
Umang APP- Download the Umang App through Play Store on your smartphone. Register your phone number and login to the app. Go to ‘Service Directory’ by going to the menu given in the top left corner. Search and click on the EPFO option here. After going to View Passbook here, check the balance through your UAN number and OTP.
SMS- SMS to 7738299899 from the mobile number registered with EPFO to know PF balance by SMS. For this one has to type EPFO UAN LAN (language). If you want information in English, write ENG instead of LAN. For information in Hindi, write HIN instead of LAN. To get account information in Hindi, write EPFOHO UAN HIN and send it to 7738299899 and the message will come on your mobile.
EPFO – Login to the website and click on e-passbook. On clicking on e-passbook, you will come to a new page. Where you will have to fill your user name (UAN number), password and captcha and then a new page will open and here you will have to select the member ID. Here on e-passbook your EPF Balance will be found.
