EPF interest for FY2024: When will interest be credited and how to check balance (2024)

FAQs

How to check EPF interest credited or not? ›

EPF members can check if their interest has been credited using various methods, such as the Umang App, the EPF website, SMS service, or the missed call service. Open messages on your phone and type in 'EPFOHO' followed by your UAN number and the first three letters of your language preference.

The EPF Interest Rate for 2024 is fixed at 8.25%.

The EPF interest is calculated monthly on the EPF contributions but deposited into the EPF account only on 31st March of the applicable financial year. Thus, the total interest for the year will be credited at the end of the financial year.

As per the EPFO guidelines, “Interest is credited to the member's account on monthly running balances basis with effect from the last day in each year in the following manner: (i) on the amount at the credit of a member on the last day of the preceding year, less any sums withdrawn during the current year—interest for ...

Ans : The membership can be retained till the withdrawal of his Provident Fund dues. However, if the account does not receives any contributions for more than 3 years interest won't be credited to the account after the 3rd year.

SMS Service

In case employees have activated their UAN, they can send an SMS to 7738299899 to check their PF balance and the last contribution.

EPFO fixed the interest rate at 8.25% for 2023-24 on February 10, 2024. The interest rate for the previous year (2022-23) was 8.15%, while for 2021-22, the rate was 8.10%, the lowest since 1977-78 when the rate was 8%.

To calculate the interest on your EPF, you employ the step method: multiply your closing balance at the end of the month by the current PF interest rate and divide by 12.

The sum of any PF transfers, as well as the amount of PF interest generated, will be shown. The EPF balance can also be viewed with a passbook.

Where can I show interest on PF? ›

The amount of taxable PF interest should be added as income under the head 'income from other sources' on which tax shall be calculated as per the applicable income tax slab rates. The employee can claim a tax credit for the TDS deducted from the interest income.

Interest is calculated monthly but credited yearly in April or May. Interest is compounded annually and added to your principal amount for next year's calculation. To check if interest was credited to your account, visit EPFO's website or use the UMANG app with your UAN and password.

The Government of India, through the Employees' Provident Fund Organization (EPFO), officially confirmed that the interest rate for EPF members for the Financial Year 2023–2024 stands at 8.25%. This announcement was made on May 31, 2024.

An SMS notification will be sent to your mobile number registered with EPFO. Once the EPFO claim is processed, the amount will be transferred to your bank account. Although no formal time limit has been provided by the EPFO, the money usually is credited in 15-20 days.

It should be noted that employers defaulting on contributions are liable to pay damages and interest on the amount due, as per the rates fixed by EPFO. An employee can raise a complaint with EPFO, if their PF amount is deducted from the salary but not credited in their EPF account.

If the interest on your Employees' Provident Fund (EPF) is not showing up in your passbook, there could be a few reasons: 1> Processing Time: Sometimes, it takes time for the interest to be calculated and credited to your account. This process might not always synchronize perfectly with the updating of your passbook.

4. By Giving a Missed Call. Employees can check the status of their PF claim by giving a missed call to 011-22901406 using their registered mobile number. Nevertheless, an employee has to link their mobile number with their UAN.

Login into the EPFO member portal entering the login ID and password on the home page. Click on 'Manage' located at the menu bar and select 'KYC' from the drop-down menu list. Select 'Bank' in the options available. Enter all details of the bank including the account number and its IFSC code.