EPF interest rate hiked to 8.25% for FY 23-24; 4 ways to check your EPF balance
What is the EPF Interest rate for FY2023-34?
For the fiscal year 2023–2024, the CBT suggested crediting members' EPF accumulations with an annual rate of interest of 8.25%. The interest rate earlier was 8.15%.
According to the PIB release dated February 10, 2024, “The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members' accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.”
Here is how to check EPF balance
How to check EPF balance using Umang app
Employees can access the Umang app on their smartphones to check their PF balance. To give citizens access to a range of government services in one place, the government released the Umang app. Users can submit claims, view their EPF Passbook, and follow their claims using the software. Enter your phone number and finish a one-time registration to get started.
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Also read: Latest EPFO rules: How to unblock inoperative EPF account, settle claims
How to check EPF balance using EPFO portal
On the EPFO website, go to the section for employees and click on «Member Passbook.» By entering your UAN and password, you can access the PF passbook. The opening and closing balances as well as the employee and employer contributions will be broken down. The total of any PF transfers as well as
