Employees’ Provident Fund Organisation (EPFO) runs the provident fund to which employees contribute a portion of their pay along with the employers putting in their share too. For employees, the PF is a retirement corpus that will ensure they are able to maintain a good lifestyle even after retirement or at times when they find themselves out of a job. Since this is a very important aspect of the personal finances of an employee, it is natural to wonder what kind of gains their money is making in terms of interest accrued. After all, due to the magic of compounding, the money will start growing by leaps and bounds. In this scenario, it is important to know the EPF interest rate 2024.
Notably, the EPF interest rate is generally much higher than the one available even in bank fixed deposits. However, it is the government that sets the interest rates. This time, the EPF interest rate that the EPFO has announced for 2024 is 8.25%. The significant part here is that it is much higher than even last year’s, which was 8.15%. Indeed, it has brought much joy to millions of EPFO subscribers across India.
Since EPF is not a voluntary fund, and the employer cuts the same from emloyees’ pay without any approval required, it leaves staffers with no choice but to keep an eye out for the credit of interest.
While on the subject of EPF interest rate, the government is yet to provide for the previous year and it led to much anxiety among subscribers, with many taking to the X platform to voice their frustration. After this, EPFO has suggested that the interest rate for the previous fiscal will be credited in subscribers account soon. Last time around, the EPFO had notified the credit of interest in July, 2023.
How to check EPF interest rate has been credited?
The same can be done by checking the EPF balance in your passbook. Here are the steps required to check EPF passbook:
How to check EPF balance via Umang app (first, download the app from Google Play Store or Apple App Store and get yourself registered there with your mobile number)
1. On the Umang app, you will see a number of options. For your purpose, pick “EPFO”
2. Tap on View Passbook tab
3. Type in your UAN and then check for OTP received on your mobile
4. Thereafter, your login would be complete and the EPF balance would be shown to you.
View EPFO balance on EPFO website
1. On the “For Employees’’ section,
2. Go to “Services section” and tap on “Member Passbook”
3. It will ask you to enter your UAN
4. It will then request you to enter your password
5. Finally, enter the captcha carefully
6. The details will be revealed to you.
Note: In case you have changed the password or have logged in for the first time, you will have to wait for at least 6 hours before it will allow you to view your EPF balance.
EPF interest rate 2024: If you are an employee, check your EPF balance in your passbook after government credits the interest. Know how. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
