The Employees’ Provident Fund Organisation (EPFO) has commenced the process of crediting the interest to provident fund (PF) accounts, according to a statement from the government body. The rate of interest for the PF account investment in the financial year 2022-23 stands at 8.15%.
While some users have already received their interest payouts, the EPFO has cautioned that it may take some time for the amount to reflect in all accounts. The EPFO assured that whenever the interest is credited, it will be accumulated and paid in full, ensuring no loss of interest. The organization urged patience from users.
Union Labour Minister Bhupender Yadav revealed that the interest has already been credited to over 24 crore accounts.
Upon crediting, the interest will be visible in the individual’s PF account. One can check their provident fund account balance through various methods, including text message, missed call, UMANG app, and the EPFO website.
The PF interest rate is determined annually by EPFO’s Central Board of Trustees (CBT) in consultation with the Ministry of Finance. This year, the interest rate was announced in July by the EPFO.
In the previous year, EPFO had reduced the interest rate for its subscribers to a four-decade low of 8.10%, down from 8.5% in 2020-21. This marked the lowest interest rate since 1977-78, when the EPF interest rate was 8%.
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