The EPFO has started adding interest to PF accounts for the year 2022-23, giving an interest rate of 8.15 percent.
This is the highest rate in more than 40 years and is higher than the 7.59 percent from the previous year.
The EPFO interest rate is decided every year by a group called the Central Board of Trustees (CBT) of the EPFO, along with the Ministry of Finance.
They announced the interest rate for the year 2022-23 in June. The Indian government adjusts this interest rate every year.
They calculate the interest based on how much money is in your PF account each month.
After each financial year, they add this interest to your PF account.
The EPFO has given a warning that adding interest to PF accounts for the year 2022-23 might take some time to show up in all accounts.
This delay is because many people have EPFO accounts, and it takes time to process all the interest payments.
The Union Labour Minister, Bhupender Yadav, confirmed that interest has been added to over 24 crore accounts successfully.
The EPFO has made sure to let everyone know they are working hard to make the interest payments happen as quickly as possible.
In response to a post on Platform X, which used to be called Twitter, about the concern of getting interest payments on time, the EPFO said, “The process is in progress and might be shown there very soon.
Whenever the interest is added, it will be saved up and given in full. You won’t lose any interest. Please be patient.”
How to check the balance in an EPF account?
People with EPFO accounts can check how much money is in their PF account and the interest added to it by going online to the EPFO portal or using the UMANG app.
They can also get help by calling the EPFO customer care number at 1800-118-005.
The EPFO has given a detailed guide explaining how to check the EPF balance.
They emphasize the importance of activating the Universal Account Number (UAN) to help EPFO members with concerns about interest credits.
To start your UAN activation, do these steps:
1. Go to the EPFO website.
2. Choose the “Activate UAN” link.
3. Put in your UAN and other needed details.
4. Click the “Activate UAN” button.
To find out how much money is in your EPF account, follow these steps:
1. Go to the EPFO website or use the UMANG app.
2. Log in with your UAN and password.
3. Find the “Member Passbook” section.
4. Click on the “View Passbook” button.
5. Your PF passbook will show up.
6. Pick the right job details by choosing from different member IDs if you worked for different companies.
7. Check the “Balance” column to know your EPF balance.
Check EPFO balance via SMS
You can check your EPFO balance using SMS and your UAN. Just send “EPFOHO UAN ENG” to 7738299899 from your registered mobile number.
Or, use your Universal Account Number (UAN) instead of UAN and choose your language by replacing ENG.
You’ll get an SMS with your EPF balance and more details. This way is handy when you can’t use the internet.
While EPF might seem like a regular way to save, it’s smart to put money into this account every month because it has higher interest rates.
Besides the required contributions, adding extra money to your EPF account can make your retirement savings even better.
