Image Source : PEXELS A man counting notes outside a bank
The Employees Provident Fund Organisation (EPFO) has initiated the process of depositing interest for the financial year 2022–23. EPFO has given this information in response to a post by a user on the social media platform X. The central government approved in July this year raising the interest rate on Employees Provident Fund (EPF) deposits to 8.15% for the financial year 2022–23.
The announcement comes after the Employee Provident Fund Organisation (EPFO) decision in March to increase rates for its more than six crore subscribers. Currently, EPFO contributors are wondering when the interest amount will be credited to their EPF accounts. Some users asked EPFO when the 2022-23 interest rate will come.
EPFO answered, “The process is in the pipeline and may be shown there very shortly. Whenever the interest is credited, it will be accumulated and paid in full. There will be no loss of interest. Please maintain patience.” Back in March, EPFO educated its field offices to credit the 8.15 percent interest for EPF 2022–23 into individuals’ accounts.
When the sum is credited, users can check their EPF balance in different ways, including the EPFO site, SMS, missed calls, or the Umang Application. In March 2022, the EPFO brought down the interest rate on EPF deposits for 2021–22 to a four-decade low of 8.10 percent from 8.5 percent in 2020–21. This was the lowest rate beginning around 1977–78, when the EPF interest rate was 8%.
The EPFO is one of the largest social security organisations, providing social security benefits such as pensions and insurance.
How to check EPFO balance:
Check your account balance on the website?
First, go to the official website of EPFO at epfindia.gov.in.
Now go to the Services tab.
Here you have to search and select ‘For Employees’.
From here, you will reach a new page where you have to click on ‘Member Passbook’. After this, the UAN and password have to be entered.
After the passbook is opened, employer contributions, individual contributions, and interest will be visible in it.
Employees who are working for more than one company can check with different IDs. This information is available on the salary slips of the employees.
Know account balance through SMS
To check your PF balance through SMS, you have to send SMS EPFOHO UAN ENG to 7738299899 from your registered mobile number. Here, ENG tells about the first three characters of the language in which you want the information.
The message facility is also available in English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam, and Bengali. To know your EPFO balance through SMS, your mobile number must be registered with UAN.
Check balance by missed call
To check your PF balance through a missed call, your mobile number must be registered with UAN. You can check your PF balance by making a missed call to 9966044425 from your registered mobile phone. After a missed call, a message from PF will come to your registered number, from which you will know the PF balance.
How to check the balance on Umang app
Open your UMANG app and click on EPFO.
You have to click on employee-centric services on another page.
Click on View Passbook here. Enter your UAN number and password (OTP) number.
The OTP will come to you on your registered mobile number.
After this, you can check your PF balance.
Also read | EPFO deadline to apply for higher pension extended to July 11
Also read | EPFO data: 13.4 lakh members added to retirement fund body in March, 1.39 crore in 2022-23
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