In a significant development for salaried individuals in India, the Employees Provident Fund Organisation (EPFO) announced in February an increase in the interest rate for the fiscal year 2023-24. The hike, which lifts the rate from 8.15 percent to 8.25 percent, has prompted members to keenly anticipate the additional earnings being credited to their accounts.
The uptick in interest rate could provide a much-needed financial cushion for EPFO’s members, bolstering their retirement savings. However, with the financial year well underway, members have been querying when exactly they will see the fruits of this enhancement reflected in their Provident Fund (PF) balances.
On April 22, addressing such enquiries in an EPFO Quiz poster, a member inquired about the timing of interest credit to their PF account. The question posed by Twitter user Sukumar Das read: “Sir my question is when EPFO interest of subscribers FY-2023-24 will be credited? This will improve the image of EPFO & subscribers will bless the Central Govt.”
The EPFO’s response was prompt and reassuring. They stated, “Dear member, 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.”
This dialogue underscores the retirement fund body’s commitment to transparency and the importance it places on the members’ trust. With the increased interest, not only does the prospect of a more substantial retirement corpus become apparent, but it also reflects positively on the central government’s management of the fund.
For members eager to keep a close watch on their PF balance, the EPFO has made provisions for easy monitoring of accounts online or through the UMANG App. Here are the detailed steps for both methods:
To check the EPF account balance online:
1. Visit the official EPFO portal at epfindia.gov.in.
2. Enter your Universal Account Number (UAN), password, and the displayed captcha code.
3. Navigate to the ‘e-Passbook’ link.
4. After inputting all details, you’ll be directed to a new page.
5. Select your member ID.
6. The total EPF balance in your account will be displayed for your perusal.
Alternatively, the EPF balance can be checked through the UMANG (Unified Mobile Application for New-age Governance) App:
1. Launch the UMANG App.
2. Select the ‘EPFO’ option.
3. Proceed to ‘Employee Centric Services’.
4. Tap on ‘View Passbook’.
5. Enter your UAN number and password.
6. You will then receive a One-Time Password (OTP) on your registered mobile number.
7. With this OTP, access your EPF account to review your current balance.
Employers contribute to their employee’s EPF accounts monthly, and the interest is typically calculated and credited at the end of the fiscal year. While EPFO members can withdraw their PF for various reasons, it is most beneficial when allowed to grow until retirement, which is when its compounded nature is most profitable.
The anticipation for the interest credit continues as members look forward to seeing their savings grow with the enhanced interest rate. While a firm date has not been specified, members have been assured that there will be no loss of interest and the process is expected to conclude imminently. The recent engagement with EPFO on social media reflects the organization’s responsiveness to member concerns and the growing interest in financial knowledge among the working population.
The steps to check EPF balance, either online or through the UMANG app, offer convenience and control to subscribers, enabling them to keep a vigilant eye on their savings progression. As EPFO moves forward with the interest crediting process, adherence to such routines becomes even more imperative, establishing a nexus of informed members ready to make the most of their provident fund assets.
