There is great news for 7 crore EPFO members. The Union Finance Ministry has made a big announcement. The ministry has approved the increase in interest rates for Employee Provident Fund deposits.
In February this year, the Employees Provident Fund Organization had announced the interest rate to be 8.25 percent for the financial year 2023-24, which has now been approved by the Finance Ministry.
EPFO has increased the new interest rate for 2023-24 from last year’s 8.15% interest rate to 8.25%. Giving information on the social media platform X, EPFO said that EPF members will avail 8.25% interest for the financial year 2023-24. The new rates were notified in May 2024. Now the employees are just waiting for the interest to be credited to their PF account.
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Department gave information
EPFO posted on social media platform X that interest rates for EPF members are not declared quarterly. Generally, the annual interest rate is declared in the first quarter of the following financial year after the end of the financial year. Hence, the interest rate of 8.25% for the financial year 2023-24 for EPF members has already been approved by the Government of India which has been notified by EPFO on 31-05 2024.
Interest at these revised rates is already being paid to the outgoing members in their final PF settlement. It said that 23,04,516 claims have been settled, distributing an amount of Rs 9260,40,35,488 to the members including the latest declared interest rate of 8.25% per annum.
You can check like this
- Visit the official Umang app, log in and access your EPF passbook on your mobile device.
- EPF website: Visit the EPF India website and go to the “For Employees” option. Click on “Member Passbook” under the “Services” tab. Use your UAN, password and captcha to log in. Your passbook will appear within 6 hours of registration.
- SMS Service: To use SMS service send message “EPFOHO UAN” to 7738299899.
- Missed Call Service: You can get passbook details by giving a missed call to 9966044425 from your registered mobile number.
