PF Interest Update: There is good news for the account holders of Employees’ Provident Fund Organisation! The long wait for interest is about to end. Soon the interest money (PF Interest Rate) will be deposited in your account. EPFO has to deposit interest money for the financial year 2021-22. But, there was no update on this for a long time.
pf interest update
pf interest update
The Employees’ Provident Fund Organization had announced in October that EPF subscribers would start receiving money from November. But, till now the interest is stuck. However, the reason for this has not yet been explained openly by the EPFO. Whereas, the Finance Ministry had approved interest payment at the rate of 8.1 percent in June 2022 itself!
Employees’ Provident Fund Organization
The trustee of EPFO has also expressed concern over the fact that money has not yet come into the account of the EPF account holder. It’s been a long wait. But, now the sources of Labor Ministry are telling that EPFO can start applying it from 28 February! That is, the interest money of EPF will be credited before the festival of Holi. However, this is a long process. Therefore, it may take up to March 15-20 to get the interest money in the account of all the account holders. However, the Employees’ Provident Fund Organization has not yet officially announced that it will start depositing money from February 28.
PF Interest will be available before Holi
For the last few years, the account holders are not getting the EPF interest money on time! For 2020-21, 8.5 percent interest rate on PF was fixed in March 2021, while the interest money was received in December 2021. At the same time, in March last year also, the interest rate for 2021-22 was fixed at 8.10 percent. But till now the money has not come into the account of the Employees’ Provident Fund Organisation’s account holders.
PF Interest Update in the last five years?
1. Year: 2021-2022
EPF Interest Rates: 8.10%
2. Year: 2020–2021
EPF Interest Rates: 8.50%
3. Year: 2019-2020
EPF Interest Rates: 8.50%
4. Year: 2018-2019
EPF Interest Rates: 8.65%
5. Year: 2017-2018
EPF Interest Rates: 8.55%
EPF Withdrawal Rules
The government has changed the rules for EPF withdrawal in Budget 2023. Big relief has been given to the account holders. According to the new rule, now TDS on withdrawal from EPF has been reduced from 30 per cent to 20 per cent. This will be applicable to those PF account holders whose PAN card is not updated in Employees’ Provident Fund Organization account. According to the existing rules, if someone’s PAN card is not in the records of EPFO, then 30 percent TDS has to be paid on withdrawing money, but from April 1, 2023, 20 percent TDS will have to be paid. If the EPF account holder withdraws within 5 years of service history, he/she will have to pay TDS.
Check EPF Balance Here
Follow the procedure given below to check balance online
- Go to the official website of Employees’ Provident Fund Organisation, epfindia.gov.in.
- Click on the ‘Our Services’ tab. After this select the option of ‘For Employees’.
- When the new page opens, you have to click on ‘Member Passbook’. Here you have to enter your UAN (Universal Account Number) and password.
- As soon as you login, there will be a drop down in front of you, it will have different PF Account options. Select the current member ID.
- Now the passbook will open in front of you. In this, you can see the monthly contribution of both you and the employer. Along with this, the overall balance will also be visible. It will also show whether the interest amount has been credited or not. If interest has been credited by EPFO, it will appear here.
Employees’ Provident Fund Organisation: Check balance through SMS and Umang App
You can check the passbook of your PF account to know whether your interest money has come or not. You can either visit the official website of EPFO for this. Or you can also send the message ‘EPFOHO UAN ENG’ to 7738299899. 9966044425 is also a number on which PF balance can be checked by sending a missed call. Apart from this, PF account can also be accessed through Employees’ Provident Fund Organization account holder UMANG app.
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