Doubtful about when Provident Fund interest will be credited? EPFO says this
The central government in July this year approved a marginal increase in the interest rate for employees’ provident fund (EPF) deposits to 8.15 per cent for the financial year 2022-23. This announcement followed the Employee Provident Fund Organisation’s (EPFO) decision in March to raise the interest rate for its over six crore subscribers.
Now, EPFO depositors are wondering when the interest amount will be credited to their EPF accounts. The retirement fund body responded to a user on X (formerly Twitter) who asked, “When will we get the interest added to our passbook for FY 2022-23?”
EPFO replied, “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 instructed its field offices to credit the 8.15 per cent interest for EPF 2022-23 into members’ accounts.
Once the amount is credited, users can check their EPF balance through various methods, including the EPFO website, SMS, missed calls, or the Umang App.
In March 2022, the Employees’ Provident Fund Organisation (EPFO) had lowered 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 since 1977-78 when the EPF interest rate was 8 percent.
The Employees’ Provident Fund Organization (EPFO) is one of the largest social security organisations, providing social security benefits to members in the form of PF, pension, and insurance benefits.
Step-by-step guide to check EPFO balance:
-Go to EPFO’s official website: epfindia.gov.in.
-On the main page, click on “Services” and select “For Employers”.
-You will then be directed to a new page where you should click on “Member Passbook” under the “Services” section. This will open a login page.
-Enter your UAN, password, and the captcha to log in to your account.
-After logging in, you can see your account details, including your contributions and your employer’s contributions. You’ll also be able to see the interest once it is added.
-If you want to check your EPFO balance through SMS, type ‘EPFOHO UAN ENG’ and send it to 7738299899 from your registered mobile number.
What is non-refundable EPF advance?
EPFO members can withdraw money from their accounts as a “non-refundable advance,” a provision that was later extended to offer financial relief to those impacted by the COVID-19 pandemic. As a result, EPFO members are now allowed to withdraw money, citing COVID-19 as the reason. Prior to this change, members could withdraw money in advance for reasons like buying a house or dealing with an illness.
On Saturday, the EPFO announced that members can now apply for a non-refundable EPF advance through the Unified Member Portal or the UMANG App to access various benefits.
