EPFO PF Interest Money: There is good news for PF (Provident Fund) account holders of Employees Provident Fund Organization (EPFO). Soon the interest money will be deposited in your PF account, the process has started regarding this.
The special thing is that this time the Central Government has increased the interest received on the money deposited in Provident Fund (PF) to 8.15 percent for the financial year 2022-23, due to which now the employees will get more interest. More than 6 crore PF account holders will get the benefit of this. It is expected that the fund may start remitting interest from September 2023.
In fact, recently a member had asked EPFO by tweeting that by when the interest amount will be deposited in our account. To this EPFO replied that the process of depositing interest money in the account for the financial year 2022-23 is in the pipeline, it will be deposited soon. Whenever interest is received, it will be received in full at once. There will be no loss of interest of any kind. The interest in the EPF account is calculated on a monthly basis, but is credited to the members’ accounts only at the end of the financial year.
Know how much will be the benefit
According to the EPFO Act, if 12% of the basic salary and DA of an employee is deposited in the PF account. On this, the concerned company also deposits the same amount i.e. 12 percent in the employee’s PF account. However, 3.67% of the contribution made by the company goes to the EPF account, while the remaining 8.33% goes to the pension scheme.
PF account holder will benefit
For example, if a total of Rs 10 lakh is deposited in the PF account by March 31, 2023, then with an interest rate of 8.15 percent, the interest will increase to Rs 81,500, which means there will be a direct benefit of Rs 500. If Rs 5 lakh is deposited in an employee’s account, then according to the new interest rate, he will get an interest of Rs 40,750, which was earlier Rs 40,500, ie, there will be a benefit of Rs 250.
Check balance like this
UMANG App- Download the UMANG app from Play Store on your smartphone. Register your phone number and log in to the app. Go to ‘Service Directory’ by going to the menu given in the top left corner. Find and click on the EPFO option here. Check balance through your UAN number and OTP after going to View Passbook here.
SMS- SMS to 7738299899 from the mobile number registered with EPFO to know PF balance through SMS. For this, EPFO UAN LAN (Language) has to be typed. If you want information in English, write ENG instead of LAN. For information in Hindi, write HIN instead of LAN. To get account details in Hindi, send EPFOHO UAN HIN to 7738299899 and you will receive an SMS on your mobile.
EPFO – Login to the website and click on E-Passbook. You will come to a new page as soon as you click on the e-passbook. Where you have to fill your User Name (UAN Number), Password and Captcha and then a new page will open and here you have to select the Member ID. Here you will get your EPF balance on e-passbook.
