EPFO assures subscribers of timely interest credit for FY 2023-24
The Employees' Provident Fund Organisation (EPFO) has addressed concerns raised by subscribers of Employees Provident Fund (EPF), regarding delayed interest credit for the fiscal year 2023-24. The organization assured members that the process is underway and will be completed soon. "Dear member, The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest," EPFO said in its statement.
EPFO sets interest rate for FY 2023-24
For the fiscal year 2023-24, the EPFO has set an interest rate of 8.25%, marking a slight increase from the previous year's rate of 8.15%. This decision affects crores of EPF members across India. The organization has already credited interest for FY 2022-23 to a significant number of member accounts as of March 2024, impacting over 28.17 crore members as per a social media update by EPFO.
How to check if your EPF interest has been credited?
EPF members have multiple ways to check if their interest has been credited. The Umang App allows users to view their EPF passbook on mobile phones after logging in. On the EPF India website, members can access the "Member Passbook" under "Services" in the "For Employees" section. Additionally, an SMS service and a missed call service are available for members to check account status and receive passbook details, respectively.
How is interest credited to members' accounts?
The EPFO has provided guidelines on how interest is credited to members' accounts. According to these guidelines, interest is credited on a monthly running balance basis, with effect from the last day of each year. The total amount of interest is rounded to the nearest whole rupee, ensuring that members receive their full due without any loss.
