EPFO Subscribers PF Interest: EPFO interest rate is decided every year by the Central Board of Trustees (CBT) of EPFO in collaboration with the Finance Ministry. The interest rate for the financial year 2022-23 was announced in June this year.
EPFO Subscribers PF Interest: Employees Provident Fund Organization (EPFO) has started the process of depositing interest in Provident Fund (PF) accounts for the financial year 2022-23. Money is being given at the interest rate of 8.15 percent.
This is the highest interest rate on PF accounts in more than four decades. The interest rate set by EPFO for the financial year 2022-23 represents a significant increase from the 7.59 percent interest rate provided in the previous financial year.
EPFO interest rate is decided every year by the Central Board of Trustees (CBT) of EPFO in collaboration with the Finance Ministry. The interest rate for the financial year 2022-23 was announced in June this year. Adjusted annually by the Government of India, interest is calculated based on the monthly closing balance of the PF account. Interest is deposited in the PF account after every financial year.
EPFO has issued a warning note, indicating that there may be a delay in crediting interest into PF accounts for the financial year 2022-23 in all accounts. The reason for this delay is the substantial number of customers served by EPFO, which requires time to process all the interest payments. Union Labor Minister, Bhupendra Yadav confirmed that interest has been successfully credited to more than 24 crore accounts.
EPFO assures
EPFO has assured that diligent efforts are being made to expedite deposit of interest in all accounts as soon as possible. In response to a post on X regarding the issue of ‘timely interest’ payment, EPFO said, ‘The process is in the pipeline and may be completed very soon. Whenever interest is deposited, full payment will be made. There will be no loss of interest. Please remain patient.
How to check balance in EPFO account?
EPFO members can review their PF account balance and interest credited to their account online through the EPFO portal or Umang App. Alternatively, one can also seek help by calling PFO customer care number 1800-118-005.
EPF balance will look like this?
- Open EPFO portal or Umang app
- Log in with your UAN and password
- Go to Member Passbook section
- Press View Passbook button
- Now your PF passbook will be visible
