The government in June approved a four-decade-low interest rate of 8.1 per cent on employee provident fund (EPF) deposits for 2021-22. The 8.1 per cent EPF interest rate is the lowest since 1977-78, when it stood at 8 per cent. The EPFO has over 65 million members and it managed assets worth Rs 15.7 lakh crore last year.
Earlier this month, the finance ministry said the EPF interest amount is being credited into the accounts of employees’ provident fund (EPF) subscribers, and in case it was not visible in the statements, it was because the EPFO software is being upgraded. The ministry said that there is no loss of interest amount for any subscriber.
“There is no loss of interest for any subscriber. The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for change in the tax incidence," the finance ministry had said in a tweet.
The Central Board of Trustees (CBT) had in March 2021 decided an 8.5 per cent interest rate on EPF deposits for 2020-21. The CBT is a tripartite body of the EPFO involving government, workers and employers’ representatives and the decision of CBT is binding on EPFO. It is headed by the labour minister.
It was ratified by the finance ministry in October 2021. Thereafter, the EPFO issued directions to field offices to credit the interest income at 8.5 per cent for 2020-21 into the subscribers’ account.
The RBI has increased the repo rate by 50 basis points to 5.9 per cent, the fourth-time hike in a row. In the past four subsequent monetary policy reviews since May this year, the RBI’s rate-setting panel has raised 190 basis points in total. The repo rate is the interest rate at which the RBI lends to the commercial bank.
How To Check PF Balance?
1) Visit epfindia.gov.in
2) Fill in your UAN number, captcha code and password
3) Click on the e-Passbook
4) After filling all the details, you will be redirected to a new page
5) Open member ID
6) Now, you can see the total EPF balance in your account
Through SMS:
The PF balance can be checked through SMS also from the registered mobile number. You need to SMS ‘EPFOHO UAN’ to 7738299899.
Through Missed Call:
You can also check you PF amount through a missed call. Just give a missed call at 011-22901406 from you mobile number linked with UAN.
Through UMANG App:
1) Open the UMANG App
2) Click on ‘EPFO’
3) Click on ‘Employee Centric Services’
4) Click on the ‘View Passbook’ option
5) Fill in your UAN number and password
6) You will get OTP on your registered mobile number
7) Verify the OTP, and you can now check your EPF balance.
