In a significant development, the Central Government has announced great news for 6 crore employed individuals by deciding to provide an interest rate of 8.15% on deposits under the Employees’ Provident Fund Scheme (EPF) for the financial year 2022-23.
This move is set to benefit employees across the country, ensuring they receive more than 8% interest on their PF contributions.
The decision was finalized after receiving approval from the Finance Ministry, and the Employees’ Provident Fund Organization (EPFO) has directed its local offices to credit the interest amount into the members’ accounts.
The government’s circular also revealed that the interest rate for the fiscal year 2021-22 had been set at 8.15%, and the same rate would be applicable for the year 2023-24.
As the interest money is soon going to be deposited into the accounts of employed individuals, it is advisable to check the balance of your PF account beforehand.
There are multiple ways to do this:
1. Check Balance through SMS: Ensure that your UAN is linked to all necessary documents. Send an SMS to 7738299899 in the format: EPFOHO UAN ENG (replace “ENG” with the code of your preferred language). You will receive your balance via SMS.
2. Check Balance from UMANG App: Download the UMANG app from Play Store or App Store. Open the app, select EPFO, and then click on “Employee Service.” Choose “Passbook” to access your EPF balance.
Enter your UAN and request an OTP to be sent to your registered mobile number. Enter the OTP and log in. You can then view your passbook along with your EPF balance.
3. Check Balance on EPFO Portal: Visit the official EPFO website at www.epfindia.gov.in. Click on “Services” and then select “For Employees.”
Log in using your UAN and password. Once logged in, access your EPF account and click on the “Passbook” option. You’ll be able to view your balance.
With these convenient methods available, employees can easily keep track of their PF balances and ensure they receive the benefits of the increased interest rate, paving the way for greater financial security and growth.
