EPF Interest rate: Employees Provident Fund Organization (EPFO) has fixed 8.15% interest on EPF account for the financial year 2022-23. Interest on EPF accounts is calculated on a monthly basis. But, it is credited on an annual basis.
EPFO : Interest money has started coming in Provident Fund accounts. By the end of August, EPFO will credit interest in the accounts of all account holders. However, interest has been processed in only a few Provident Fund accounts. EPFO says that this is a long process. After approval, the interest money is credited to the account. But, account has to be scrutinized in this. Let us tell you, Employees Provident Fund Organization (EPFO) has fixed 8.15% interest on EPF account for the financial year 2022-23. Interest on EPF accounts is calculated on a monthly basis. But, it is credited on an annual basis. The interest money to be credited increases by compounding, which is added to the next month’s balance.
EPF money is deducted from salary
If you look at the EPFO Act, 12% of the basic pay and DA of the salaried class is deposited in the PF account. 12% contribution is also deposited in the PF account of the employee from the side of the company. 3.67 percent of the company’s contribution is credited to the EPF account. At the same time, 8.33 percent money is deposited in the Employee Pension Scheme.
Getting the benefit of more interest
The Board CBT of the Employees’ Provident Fund Organization (EPFO) had increased the interest rate on the EPF account from 8.10% to 8.15%. In March this year, EPFO had fixed the interest rates at 8.15% for the financial year 2022-23. In the financial year 2021-22, 8.10 percent interest was available on Provident Fund. It was increased to 8.15 percent this year.
Calculation of interest on EPF
Interest calculation is done on the basis of the money deposited in the EPF account every month i.e. monthly running balance. But, it is deposited at the end of the year. According to the rules of EPFO, if any amount has been withdrawn during the year from the balance amount as on the last date of the current financial year, interest for 12 months is deducted from it. EPFO always takes the opening and closing balance of the account. To calculate this, the monthly running balance is added and multiplied by the rate of interest/1200.
Interest is not earned on the entire amount
Account holders generally believe that interest is received on the entire money deposited in the Provident Fund. But, this does not happen. The amount that goes to the Pension Fund (EPS) in the EPF account, there is no interest calculation on it.
How to check pf account balance?
By checking the passbook of PF account, you can see whether the interest money has come or not. You can either visit the official website of EPFO for this. Or you can also send the message ‘EPFOHO UAN ENG’ to the number 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through UMANG app.
Check PF Balance Online (How to check EPF Balance Online)
- Go to the official website of EPFO at epfindia.gov.in.
- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.
- When the new page opens, you will have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.
- After this you will get passbook open. In this, you will see how much contribution has been made from your employer and your side and how much interest has been received on it. If your interest has been credited by EPFO, it will be reflected in it.
