During the fiscal year 2022–2023, the Employees’ Provident Fund Organization (EPFO) in India has declared that it will offer a fixed interest rate of 8.15% on the Employee Provident Fund (EPF). This interest rate has stayed the same as the previous financial year.
The Central Board of Trustees (CBT) of the EPFO, which is in charge of making decisions on the EPF system, decided to keep the interest rate at the current level. Shri Rameswar Teli, the Union Minister of State for Labor and Employment, presided over the CBT meeting.
The 8.15% interest rate on EPF, according to the EPFO, will help almost 60 million users. The EPFO maintains all EPF accounts, and this interest rate is applied to all of them. All paid workers in India have access to the EPF, a retirement savings programme.
The EPFO, a statutory organisation within the Ministry of Labour and Employment, is responsible for managing the EPF programme. The EPFO invests the money it receives from businesses and workers in a variety of bonds and government assets in addition to the stock market.
For Indian salaried workers, the EPF system is a crucial financial tool since it gives them a dependable way to save for retirement.The EPF also offers various tax benefits to employees, making it an attractive investment option for many.
How to check Employees’ Provident Fund Organization (EPFO) Balance
There are several ways to check your Provident Fund (PF) balance in India. Here are some of the methods:
- Online method: You can check your PF balance online by visiting the EPFO website (https://www.epfindia.gov.in/site_en/index.php) and following these steps:
- Click on ‘For Employees’ under the ‘Our Services’ section.
- Click on ‘Member Passbook’ under the ‘Services’ section.
- Enter your Universal Account Number (UAN) and password to log in.
- Once logged in, you can view your PF balance and other details.
- SMS method: You can check your PF balance by sending an SMS to the EPFO. Here are the steps:
- Send an SMS to 7738299899 from your registered mobile number.
- The message should be in the format: EPFOHO UAN ENG.
- You will receive an SMS with your PF balance details.
- Missed call method: You can also check your PF balance by giving a missed call to the EPFO. Here are the steps:
- Give a missed call to 011-22901406 from your registered mobile number.
- You will receive an SMS with your PF balance details.
It is important to note that you need to have your UAN activated and linked to your Aadhaar and bank account to check your PF balance through any of these methods.
