When will EPF interest be credited for FY 2023-24? All you need to know about it

In a transfer welcomed by salaried employees, the Employees’ Provident Fund Organisation (EPFO) raised the interest fee on provident fund deposits for the Financial Year 2023–24 (FY24) from 8.15% to 8.25%. This adjustment, introduced in February, has left many eagerly awaiting the crediting of their interest.

Interest calculated month-to-month, and deposits anticipated quickly

EPFO calculates interest on provident fund deposits month-to-month, with the contributions deposited on the finish of the fiscal yr. Responding to queries about the crediting course of, EPFO assured members by way of social media platform X (previously Twitter) that the interest for FY24 is within the pipeline and will be credited shortly. Notably, the organisation promised that any delay in crediting wouldn’t lead to a lack of interest for members.

FY23 interest already credited

While members await their FY24 interest, it’s price noting that EPFO has already credited the interest for the earlier fiscal yr, FY23, to the accounts of 281.7 million EPFO members as of March 2024.

EPF: A compulsory financial savings scheme

The EPF scheme serves as a compulsory financial savings and retirement plan for salaried workers. Under this scheme, workers contribute 12% of their fundamental pay every month, with employers matching the contribution to workers’ PF accounts. The EPFO’s Central Board of Trustees evaluations the interest fee for EPF deposits yearly.

How to test EPF steadiness on-line

1. Visit the official EPF web site.
2. Log in utilizing your UAN (Universal Account Number), password, and captcha code.
3. Navigate to the e-Passbook part.
4. Select the related member ID (if relevant).
5. Your complete EPF steadiness will be displayed on the display.

How to test EPF steadiness on UMANG App:

1. Open the UMANG app in your smartphone.
2. Select the EPFO choice from the checklist of providers.
3. Navigate to the employee-centric providers part.
4. Choose the View Passbook choice.
5. Enter your UAN quantity and password.
6. You will obtain an OTP in your registered cellular quantity.
7. Enter the OTP to authenticate your id.
8. Now you can view your EPF steadiness throughout the UMANG app.

Checking EPF steadiness: Easy strategies

Members can conveniently test their EPF steadiness utilizing varied strategies, together with the EPFO official web site, missed calls, SMS, or the Umang App. Accessing the passbook permits members to monitor their contributions, interest earned, and total EPF steadiness.