When will Provident Fund interest be credited for FY 2022-23? Here's what EPFO said
1 min read 06 Aug 2023, 10:40 AM ISTThe government on 24 July accepted the recommendation of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to increase the interest rate of deposits in Provident Fund (PF) to 8.15 percent
PremiumThe government on 24 July accepted the recommendation of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to increase the interest rate of deposits in Provident Fund (PF) to 8.15 percent.
Since the announcement, many EPF members have been waiting for the interest amount to be credited in their EPF account. One of the users on Twitter wrote, “When we will get the interest added to our passbook for FY 2022-23", to which EPFO responded saying, “The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest. Please maintain patience."
Earlier Amit Gupta, MD, SAG Infotech had told Mint, “At the end of the financial year, the total interest for the year is credited."
Also Read: EPFO interest rate credit news: Govt approves 8.15% rate for Provident Fund (PF) deposits for 2022-23
Although, interest is calculated on a monthly basis in an EPF account, however, they are deposited at the end of a financial year. The transferred interest is added to the next month's balance and is then compounded to calculate interest on that month's balance amount.
Also Read: How is the tax on EPF interest calculated?
Once the amount is credited, users can check their EPF balance through various modes including EPFO website, SMS, missed calls, or even the Umang App.
Here's how users can check their EPFO balance on website:
-Visit EPFO’s official website - epfindia.gov.in.
-On the homepage, click on Services, under this, click on ‘For Employers’
-After this, you will be redirected to a new page, wherein under ‘Services’, click on ‘Member Passbook’ after which a login page will appear.
-Now sign in into your account by entering the UAN, password and captcha
-Now you can check your account details and the amount contributed by you as well the employer. Once the interest is credited, account holders will also be able to view the details regarding it.
In order to check the EPFO balance via SMS, users need Type to ‘EPFOHO UAN ENG’ send it to 7738299899 from their registered mobile number.
