When will EPF members receive interest for FY 2023-24 in their accounts? Here's EPFO's response
While Employees Provident Fund (EPF) subscribers are anxious over not receiving the interest in their accounts for the last financial year, the standard response given by the retirement fund body does not allay their concerns either.
Lately, a number of subscribers have been enquiring on ‘X’ platform about the timeline of crediting of interest for FY 2022-23.
In response to most of these queries, EPFO has given a standard reply that reads: “Dear member, The process is in pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest."
The Employees' Provident Fund Organisation (EPFO) has announced the interest rate for the financial year 2023-24, setting it at 8.25%, up from the previous year's rate of 8.15%. This decision impacts millions of EPF members across the country.
As of March 2024, the interest for the financial year 2022-23 has been credited to 28.17 crore EPF member accounts. As per a recent social media update by the EPFO, “Dear member, the interest for Financial Year 2022-23 has been provided to 28.17 crore members accounts of EPFO as on date. Member may please check their EPF passbook."
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