Employees Provident Fund Organisation (EPFO) has started settling claims at the latest interest rate of 8.25 per cent per annum to outgoing members, it said in a series of posts on X.
“EPFO has already started settling claims @ 8.25 per cent per annum. Rate of interest is calculated on the basis of income from debt and equity investment of EPFO,” said the pension manager.
All continuing EPF members will also receive the credit of interest which was recommended by the Central Board of Trustees in February 2024 and subsequently approved by the Finance Ministry in May this year, it said.
According to the EPFO, 23,04,516 claims have been settled so far, disbursing an amount of Rs 9,260.40 crore to the members inclusive of the latest interest rate declared at 8.25 per cent per annum.
In February, the EPFO had announced 8.25 per cent for financial year 2023-24 for its over 29 crore total subscribers, out of which around 6.8 crore are active contributing subscribers.
EPF members can check if their interest has been credited using various methods, such as the Umang App, the EPF website, SMS service, or the missed call service.
How to EPF balance check through SMS
Open messages on your phone and type in ‘EPFOHO’ followed by your UAN number and the first three letters of your language preference.
For example, type ‘ENG’ for English.
Send the message to 7738299899.
You need to send the message from the mobile number registered with your UAN. If the SMS is sent from another number, the EPFO will not reveal your PF balance.
How to check EPF through a missed call
Give a missed call to 9966044425 from your registered mobile number.
After placing a missed call, you will receive an SMS with your PF details.
You can also check EPF balance on mobile app
How to check EPF on UMANG app
Download the UMANG App from Play store/Apple app store
Open the app and select your language.
Register yourself using your mobile number.
Choose EPFO from the list of options visible on your mobile phone.
Select ‘View Passbook’ and enter your UAN.
You will get a one-time password (OTP).
Enter the OTP to login.
Click on the company for which you want to view and download the EPF passbook.
The passbook will be displayed on the screen.
FAQs
EPF members can check if their interest has been credited using various methods, such as the Umang App, the EPF website, SMS service, or the missed call service. Open messages on your phone and type in 'EPFOHO' followed by your UAN number and the first three letters of your language preference.
Is EPF interest credited for 2023-24 in India? ›
For 2023-24, the interest rate declared is 8.25%. Will EPF interest be credited to my account even when there is no EPF contribution? Yes, EPF interest will be credited to an account even when there has been no contribution for 3 years.
How to check interest credited in EPF account? ›
Follow these steps to check your EPF balance:
- Visit EPFO Passbook portal.
- Login to the portal using your UAN and password.
- Select the Member ID to view the passbook.
- Your passbook will be displayed.
- Check the entry titled “Int. Updated up to 31/03/2022”
- The credited interest amount will reflect in your passbook.
Ans : The membership can be retained till the withdrawal of his Provident Fund dues. However, if the account does not receives any contributions for more than 3 years interest won't be credited to the account after the 3rd year.
How much interest will we get on PF? ›
The PF interest rate are reviewed every year. For the financial year 2024, it is fixed at 8.25%.
How to check EPF amount? ›
You can check your EPF balance by giving a missed call to this number - 9966044425 or sending the SMS - 'EPFOHO UAN ENG' to 7738299899. You can also find out the EPF balance by logging into the EPF Passbook page or by visiting the UMANG App and selecting 'View Passbook' under 'EPFO' services.
How to calculate EPF interest? ›
The interest calculation on the EPF of the employee is explained by the given example. For example, The employee provident fund interest rate for 2023-2024 is 8.15% ,the interest applicable per month. When calculating interest, is = 8.15%/12 = 0.00679166666.
Does the EPF passbook show interest? ›
The sum of any PF transfers, as well as the amount of PF interest generated, will be shown. The EPF balance can also be viewed with a passbook.
How can I check my PF balance in 2024? ›
SMS Service
In case employees have activated their UAN, they can send an SMS to 7738299899 to check their PF balance and the last contribution.
How much PF can be withdrawn? ›
The subscribers of the Employees' Provident Fund Organisation (EPFO), the State-run retirement savings manager, can now withdraw up to ₹1 lakh at once for personal financial needs from their accounts, which was earlier capped at ₹50,000, Union labour minister Mansukh Mandaviya said on Tuesday.
How much pension you will get in EPS is calculated based on a formula. This formula is- EPS = Average Salary x Pensionable Service/70. Here average salary means basic salary + DA. Which is calculated based on the last 12 months.
What to do if PF is not credited? ›
File a complaint online: The most convenient way to file a complaint is through the EPFiGMS (EPF i Grievance Management System) portal. You can register a complaint by providing your details, including your UAN (Universal Account Number), employer's establishment code, and the nature of your grievance.
How long does it take for EPF amount to be credited? ›
An SMS notification will be sent to your mobile number registered with EPFO. Once the EPFO claim is processed, the amount will be transferred to your bank account. Although no formal time limit has been provided by the EPFO, the money usually is credited in 15-20 days.
Is PF interest credited for 2024? ›
All continuing EPF members will also receive the credit of interest which was recommended by the Central Board of Trustees in February 2024 and subsequently approved by the Finance Ministry in May this year, it said.
Is EPF interest compounded monthly? ›
Interest is calculated monthly but credited yearly in April or May. Interest is compounded annually and added to your principal amount for next year's calculation. To check if interest was credited to your account, visit EPFO's website or use the UMANG app with your UAN and password.
How to calculate interest amount? ›
To calculate interest rates, use the formula: Interest = Principal × Rate × Tenure. This equation helps determine the interest rate on investments or loans. How do you calculate borrowed interest? Calculate borrowed interest using the formula: Interest = Principal * Rate * Time.
What is the interest rate of PPF in 2024? ›
As of August 2024, the PPF interest rate is 7.1% per annum, compounded annually. This rate is subject to change based on the government's quarterly review.
What is the interest rate trend in India in 2023? ›
The Monetary Policy Committee (MPC) announced on 8 June 2023 that the repo rate was increased by 25 basis points. This makes the current repo rate 6.50% (from the 6.25% that it was earlier). The reverse repo rate stands unchanged at 3.35%.
How can I check my PF balance 2023? ›
How to check PF balance?
- Giving missed to 9966044425.
- Sending an SMS on 7738299899.
- Using EPFO online portal.
- Using UMANG mobile application.
How much pension you will get in EPS is calculated based on a formula. This formula is- EPS = Average Salary x Pensionable Service/70. Here average salary means basic salary + DA. Which is calculated based on the last 12 months.
