The recommendation of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to raise the interest rate on deposits in Provident Fund (PF) to 8.15 percent was approved by the government on July 24. Many EPF members have been anxiously awaiting the interest payment ever since the announcement. On social media, people are also enquiring as to when the interest will be deposited in their PF accounts.
Income from a PF account
The EPFO stated, “The process is in the pipeline and can be demonstrated there very soon,” in regards to interest deposit. The entire interest shall be paid. There won’t be any interest dwindling. Be patient, please. The EPF account’s interest is credited at the end of the fiscal year, but it is computed on a monthly basis. The transferred interest is added to the balance for the following month, compounded, and applied to the balance for that month to determine interest.
Balanced PF
Once the money has been deposited, customers can access the EPFO website, SMS, missed calls, or even the UMANG app to check their EPF balance. Users must text the phrase “EPFOHO UAN ENG” to 7738299899 from their registered cellphone number in order to check their EPFO balance.
How to use a website to check your EPFO balance
- Visit the EPFO website at epfindia.gov.in.
- ‘For Employers’ can be found under Services on the homepage.
- You will then arrive to a new page where you can select “Member Passbook” under “Services.” A login page will then show up.
- Enter your UAN, password, and captcha to log into your account now.
- You can now view your account statement and the amount of contributions made by both you and your employer. The account holder will also be able to examine the data associated with the interest once it has been credited.
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