Centre begins crediting interest to PF accounts ahead of Diwali
The process of depositing interest into provident fund (PF) accounts for the fiscal year 2022-23 has begun, as reported by the Employees' Provident Fund Organisation (EPFO) in an official announcement. The interest rate for this duration is established at 8.15%. Although some account holders have already obtained their interest payments, the EPFO has advised that it might take some time for the funds to appear in all accounts and has requested users to remain patient.
Who decides the PF interest rate?
Each year, the PF interest rate is determined by the EPFO's Central Board of Trustees (CBT) in collaboration with the Ministry of Finance. The interest rate for this year was revealed by the EPFO in July. In contrast to the previous fiscal year, when the interest rate dropped to a 40-year low of 8.10% from 8.5% in 2020-21, this year's rate represents a slight increase. The last instance when EPF interest rate was this low occurred in 1977-78 (at 8%).
Over 24 crore accounts have received interest
Bhupender Yadav, the Union Labour Minister, verified that interest has been deposited into more than 24 crore PF accounts. The EPFO guarantees that once the interest is deposited, it will be accrued and paid in full. Individuals can verify their PF account balance using various methods such as a text message, a missed call, the UMANG app, and the EPFO website.
