In a significant development, the Employees’ Provident Fund Organization (EPFO) announced a three-year high interest rate of 8.25% on employees’ provident fund (EPF) deposits for the financial year 2023-24. This decision marks an increase from the 8.15% interest rate for the preceding year 2022-23, which had been raised from 8.10% in 2021-22. The decision to provide an interest rate of 8.25% for 2023-24 was made by the EPFO’s apex decision-making body, the Central Board of Trustees (CBT), during its meeting on Saturday. The interest rate of 8.5% on EPF deposits for the fiscal year 2020-21 was determined by the CBT in March 2021.
It’s worth noting that in March 2022, the EPFO reduced the interest rate on EPF for the fiscal year 2021-22 to a more than four-decade low of 8.1% for its over six crore subscribers, down from 8.5% in 2020-21, marking the lowest rate since 1977-78, when the EPF interest rate was 8%.
Following the CBT’s decision, the interest rate on EPF deposits for 2023-24 will be forwarded to the Ministry of Finance for approval. After the government’s endorsement, the interest rate for the fiscal year 2023-24 will be credited to the accounts of EPFO’s over six crore subscribers.
EPFO declares the interest rate only after it receives approval from the government through the finance ministry. In March 2020, the EPFO reduced the interest rate on provident fund deposits to a seven-year low of 8.5% for the financial year 2019-20, down from 8.65% provided for 2018-19. The EPFO had provided an interest rate of 8.65% to its subscribers in 2016-17 and 8.55% in 2017-18. The rate of interest was slightly higher at 8.8% in 2015-16.
The retirement fund body had given a rate of interest of 8.75% in 2013-14 as well as 2014-15, higher than 8.5% for 2012-13. The rate of interest was 8.25% in 2011-12.
To check their PF balance, subscribers can utilize various methods such as giving a missed call to 9966044425, sending an SMS to 7738299899, using the EPFO online portal, or utilizing the UMANG mobile application. To check the PF balance with the UAN number, subscribers can use the Member Passbook facility provided by the EPFO. After registering on the Unified Member Portal, the passbook will be available online for balance verification within 6 hours. To check PF balance on the EPFO portal, subscribers can log in with their activated UAN number and password, select “Member Passbook,” choose the relevant “Member ID,” and click on “View Passbook” to access their PF details, which can also be downloaded for record-keeping.
