Diwali 2023: ‘Gift’ for employees as centre starts crediting PF interest; here how to check if you have received

The Employees’ Provident Fund Organisation (EPFO) has initiated the process of crediting interest to provident fund (PF) accounts for the financial year 2022-23, offering an interest rate of 8.15 percent. This marks the highest interest rate on PF accounts in more than four decades. The interest rate set by the EPFO for the financial year 2022-23 represents a notable uptick from the 7.59 percent interest rate provided in the preceding financial year.

The EPFO interest rate is decided every year by the Central Board of Trustees (CBT) of the EPFO in collaboration with the Ministry of Finance. The declaration of the interest rate for the financial year 2022-23 was announced in June this year. Annually adjusted by the Indian government, the interest is computed based on the monthly closing balance of the PF account. The interest is then credited to the PF account after each financial year. 

The EPFO has issued a cautionary note, indicating that the crediting of interest to PF accounts for the financial year 2022-23 may experience delays in reflecting across all accounts. This delay is attributed to the substantial number of subscribers the EPFO serves, necessitating time for processing all interest payments. The Union Labour Minister, Bhupender Yadav, affirmed that interest has been successfully credited to more than 24 crore accounts.

The EPFO has reassured that diligent efforts are being made to expedite the crediting of interest to all accounts at the earliest. In reply to a post on Platform X, erstwhile Twitter, regarding the issue of “timely interest” payments, the EPFO commented, “The process is in the 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. Please maintain patience.”

How to check the balance in an EPF account?

Members of the EPFO can review their PF account balance and the interest credited to their account online via the EPFO portal or the UMANG app. Alternatively, they can seek assistance by calling the EPFO customer care number at 1800-118-005. 

The EPFO has issued a comprehensive guide outlining the steps to check the EPF balance, underscoring the importance of activating the Universal Account Number (UAN) to address concerns among EPFO members regarding interest credits.

To initiate the activation of your UAN, follow these steps:

Step 1: Navigate to the EPFO portal.

Step 2: Select the “Activate UAN” link.

Step 3: Input your UAN along with other necessary details.

Step 4: Click the “Activate UAN” button.

To ascertain your EPF balance, follow these steps:

Step 1: Access the EPFO portal or the UMANG app.

Step 2: Log in with your UAN and password.

Step 3: Navigate to the “Member Passbook” section.

Step 4: Click on the “View Passbook” button.

Step 5: Your PF passbook will be visible.

Step 6: Choose the pertinent employment details by selecting from various member IDs for individuals who have been employed by different organisations.

Step 7: Examine the “Balance” column to determine your EPF balance.

Check EPFO balance via SMS

You also have the option to verify your EPFO balance via SMS using your UAN. Simply send “EPFOHO UAN ENG” to 7738299899 from your registered mobile number. Alternatively, you may substitute UAN with your Universal Account Number and ENG with your chosen language.

An SMS response containing your EPF balance and additional details will be sent to you. This method proves to be convenient for checking your EPF balance, particularly when internet access is unavailable.

While EPF may appear as a conventional investment option, it is prudent to consistently allocate funds to this account monthly, given its comparatively high interest rates. Beyond mandatory contributions, voluntary contributions to your EPF account can further enhance your retirement savings.