If Rs 10 lakh is lying in your account then Rs 81,000 and Rs 5 lakh is deposited then interest of Rs 4000 can be transferred.
In the midst of the festive season, there is good news for the employees and account holders. Employees-account holders of Employees’ Provident Fund Organization are going to get another good news soon. According to sources, the central government may soon transfer the interest amount in the PF accounts of the salaried people. EPFO has not issued any notification regarding this yet, but a new update may come soon.
Actually, in 2021-22, EPFO has fixed 8.1 percent interest rate for its members. This will be the first time in 40 years that employees will get such a low interest on PF. A total of Rs 72,000 crore deposited in the account of the Central Government will be sent to the account of the employed. It is likely that the Central Government can transfer the interest money of the financial year 2022 to the accounts of 7 crore subscribers of EPFO by 15 November. In this, no official information has been given by the EPFO office.
Interest is calculated on the basis of monthly running balance amount deposited in the PF account. Interest is not available on the entire amount deposited in the EPF, interest is not available on the amount going to the pension fund in the PF account. It has been said that if an employee has Rs 1 lakh in his account, then the interest amount will come to Rs 8,100. If Rs 10 lakh is lying in your account, then Rs 81,000 and Rs 5 lakh is deposited then interest of Rs 4000 can be transferred. If a consumer has Rs 7 lakh in his account, he will get Rs 56,700. Please note that interest is credited at the end of the year.
Do calculations like this
Money is deposited in the PF account by both the employee and the employer.
The basic salary and Dearness Allowance (DA) together add up to 24 per cent. However, interest is not available on the entire amount deposited in the PF account.
According to the EPFO rules, if there is any withdrawal on the last date of the financial year, then it is reduced to 12 months interest.
EPFO takes the opening and closing balance of the account and accordingly the monthly running balance is added.
Check your balance in 4 easy ways
- How to check online- Log on to epfindia.gov.in. Feed your UAN number, password and captcha code. Click on E-Passbook. When you have entered all the details, you will be redirected to a new page. Now Open Member ID. Now you can see the total EPF balance in your account. How to check EPF balance through UMANG App?
- Open UMANG App- Click on EPFO. Click on Employee Centric Services. Click on View Passbook option Feed your UAN number and Password. You will receive OTP on your registered mobile number Now you can check your EPF balance.
- Through SMS- Apart from mobile number, members registered on UAN portal can get their PF details by sending an SMS from their registered mobile numbers. For this, you have to SMS ‘EPFOHO UAN’ to 7738299899.
- Through MISSED CALL – EPFO customers registered on UAN portal can get PF details available with Employees Provident Fund Organization by giving a missed call on 011-22901406 from their mobile number registered with UAN.
