In a transfer welcomed by salaried staff, the Staff’ Provident Fund Organisation (EPFO) raised the rate of interest on provident fund deposits for the Monetary 12 months 2023–24 (FY24) from 8.15% to eight.25%. This adjustment, introduced in February, has left many eagerly awaiting the crediting of their curiosity.
Curiosity calculated month-to-month, and deposits anticipated quickly
EPFO calculates curiosity on provident fund deposits month-to-month, with the contributions deposited on the finish of the fiscal yr. Responding to queries in regards to the crediting course of, EPFO assured members by way of social media platform X (previously Twitter) that the curiosity for FY24 is within the pipeline and might be credited shortly. Notably, the organisation promised that any delay in crediting wouldn’t end in a lack of curiosity for members.
FY23 curiosity already credited
Whereas members await their FY24 curiosity, it’s price noting that EPFO has already credited the curiosity for the earlier fiscal yr, FY23, to the accounts of 281.7 million EPFO members as of March 2024.
EPF: A compulsory financial savings scheme
The EPF scheme serves as a compulsory financial savings and retirement plan for salaried workers. Underneath this scheme, workers contribute 12% of their fundamental pay every month, with employers matching the contribution to workers’ PF accounts. The EPFO’s Central Board of Trustees critiques the rate of interest for EPF deposits yearly.
Methods to test EPF steadiness on-line
- Go to the official EPF web site.
- Log in utilizing your UAN (Common Account Quantity), password, and captcha code.
- Navigate to the e-Passbook part.
- Choose the related member ID (if relevant).
- Your whole EPF steadiness might be displayed on the display screen.
Methods to test EPF steadiness on UMANG App:
- Open the UMANG app in your smartphone.
- Choose the EPFO choice from the checklist of providers.
- Navigate to the employee-centric providers part.
- Select the View Passbook choice.
- Enter your UAN quantity and password.
- You’ll obtain an OTP in your registered cell quantity.
- Enter the OTP to authenticate your identification.
- Now you possibly can view your EPF steadiness throughout the UMANG app.
Checking EPF steadiness: Straightforward strategies
Members can conveniently test their EPF steadiness utilizing numerous strategies, together with the EPFO official web site, missed calls, SMS, or the Umang App. Accessing the passbook permits members to trace their contributions, curiosity earned, and general EPF steadiness.
 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.){kind=link}