EPFO releases FY24 interest payments for these members. Check details

Employees’ Provident Fund Organisation (EPFO) has started paying interest to its retiring members for the financial year 2023-24. The interest rate for the period has been fixed at 8.25% per annum.

So far, EPFO ​​has settled over 23.04 lakh claims and paid Rs 9,260 crore to its members, including the latest interest rate of 8.25% per annum. This information was shared by the pension fund body on its social media account ‘X’.

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

The rate of interest is fixed by the Central Board of Trustees (CBT) of EPFO. Interest at the revised rates is paid to the current and retiring members as part of their final pension fund settlements, totalling Rs 9,260,40,35,488 for 23,04,516 claims.

How the interest rate is determined

In its meeting on February 10, 2024, the CBT recommended an interest rate of 8.25% per annum for the fiscal year 2023-24. The proposal was then sent to the Ministry of Labour and Employment, which forwarded it to the Ministry of Finance. The Ministry of Finance approved the rate of 8.25% on May 6, 2024.

The latest rate was officially announced by the Ministry of Labour in a letter dated May 24, 2024. This information was also communicated to field offices for the purpose of processing claims and accruing interest on pension fund accounts.

Interest income on debt instruments is estimated at the beginning of the financial year but income from equity investments is known only after redemption of capital during the financial year. EPFO ​​has made this information available on platform ‘X’.

Members do not suffer any losses due to the year-end interest rate declaration. If the declared rate is higher than the previous year, the interest rate difference is paid to them.

How to Check EPF Balance

Employees having EPF accounts managed by EPFO ​​can check their account balance using the following four methods:

• Using the Umang app
• By visiting the EPF member’s e-sewa portal
• By making a missed call
• By sending an SMS

How to Check EPF Balance on UMANG App

Subscribers can easily check their PF account balance at home using the UMANG app.

1. Download and install the Umang application
2. Register using your mobile number
3. Select “EPFO” from the available options
4. Click “View Booklet”
5. Enter your UAN and click on “Get OTP”
6. Select “Log in”

Your passbook and EPF balance will be displayed on screen.

How to Check EPF Balance Using EPFO ​​Portal

Visit the Employees section of the EPFO ​​website and click on ‘Member Passbook’. By entering your UAN and password, you can access your PF passbook. It has details of employee and employer contributions, as well as opening and closing balances. The total of any PF transfers and the amount of PF interest generated will also be displayed.

How to Check EPF Balance by Sending SMS

If your UAN number is registered with EPFO, you can get details of your latest contributions and PF balance by sending an SMS to 7738299899.

You need to send the following message: UAN EPFOHO ENG. The first three letters of the desired language are “ENG”. To receive the message in Marathi, type EPFOHO UAN MAR.

Please ensure that your bank account, Aadhaar and PAN are linked with your UAN number or update the latest details.