Provident Fund Alert: EPFO Hikes Interest Rate to 8.25% For PF Subscribers, Here’s How to Check Balance Online

Provident Fund Alert: The EPFO had in March 2023 increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22.

Provident Fund Latest Update: In a major development, the EPFO on Saturday announced a three-year high interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for 2023-24. The EPFO had in March 2023 increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22.

“The EPFO’s apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday,” the EPFO said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.

It should be noted that the EPFO had in March 2022 lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.

After the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be sent to Ministry of Finance for concurrence. After the government’s ratification, the interest rate on EPF for 2023-24 will be credited into accounts of over six crore subscribers of EPFO.

EPFO provides the rate of interest only after it is ratified by the government through the finance ministry. In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.

EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.

How To Check PF Balance Online?

• The PF subscribers can verify their PF balance through various methods:
• Giving missed to 9966044425
• Sending an SMS on 7738299899
• Using EPFO online portal
• Using UMANG mobile application

How To Check PF Balance With UAN Number

In order to check the PF balance with UAN number, you can use the Member Passbook facility provided by the Employees’ Provident Fund Organisation (EPFO). After registering on the Unified Member Portal, your passbook will be available after 6 hours online to check balance.

How To Check PF Balance on EPFO Portal

• First you will have to visit EPFO portal and select “For Employees” under the “Our Services” tab.
• Then on the home page, click on “Member Passbook” in the “Services” section.
• After this, you will have to log in with your activated UAN number and password.
• Select the relevant “Member ID” and click on “View Passbook [Old: Full].”
• Your PF details will be presented on the screen.
• To retain a record, use the “Download Passbook” option to print the passbook.