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EPF interest rate proposed at 8.25% for FY 2023-24 | India Business News – Times of India



EPF interest rate: The Central Board of Trustees (CBT) of the Employees’ Provident Fund (EPF) has recommended a rise in the annual interest rate for EPF accounts for the fiscal year 2023-24. Pending approval from the Ministry of Finance, this proposed interest rate of 8.25% will be officially confirmed in the government gazette. Once approved, the Employees’ Provident Fund Organization (EPFO) will credit this enhanced interest rate to the accounts of EPF subscribers.
What’s the EPF interest rate for FY 2023-24?
For the fiscal year 2023–2024, the CBT has proposed an increased interest rate of 8.25% for EPF accumulations, up from the previous rate of 8.15%.
The PIB release dated February 10 stated, “The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.”
ALSO READ | EPFO fixes Employees’ Provident Fund interest rate for 2023-24 at three-year high; details here

Here’s how you can check your EPF balance using these four methods:

Using the Umang app
Employees can use the Umang app on their smartphones to check their PF balance. The government released the Umang app to provide citizens with easy access to various government services in one place. Users can also submit claims, view their EPF Passbook, and track their claims using the app, according to an ET report. Simply enter your phone number and complete a one-time registration to begin.
Through the EPFO portal
To access your PF passbook on the EPFO website, go to the employees’ section and select “Member Passbook.” Enter your UAN and password to log in and view your PF passbook. Here, you’ll find details such as opening and closing balances, contributions from both you and your employer, any PF transfers, and the accrued PF interest. Your EPF balance is also displayed in the passbook.
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Via missed call
If you’re registered on the UAN site, you can check your EPF information by giving a missed call from your registered mobile number to 011-22901406. Ensure that your bank account details, Aadhaar, and PAN are linked to your UAN. You can ask your employer to link them for you if needed. This service is free of charge.
Through SMS
If your UAN is registered with the EPFO, you can receive information about your latest contribution and PF balance by sending an SMS to 7738299899. Simply send the following message: UAN EPFOHO ENG for English. If you prefer to receive the message in Marathi, send EPFOHO UAN MAR. Make sure your bank account, Aadhaar, and PAN details are linked to your UAN, or update the most recent data for accurate information.





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