EPFO Update: It is expected that before Diwali, the government can deposit the interest of the balance available in the account of 6 crore EPFO subscribers in the account.
EPFO Update: Good news is coming for the members of Employees’ Provident Fund Organization (EPFO). The retirement fund body may credit the government interest rate for the financial year 2020-21 (FY21) before Diwali. According to reports, the Central Board of EPFO has approved the hike in interest rates and the body is now awaiting the approval of the Finance Ministry.
According to the report, two government officials said on condition of anonymity that this would give more money to government employees and pensioners along with an increase in their Dearness Allowance (DA) and Dearness Relief (DR). While some argue that the finance ministry’s approval is just a matter of protocol, the EPFO cannot credit the interest rate without its approval. The EPFO is expected to proceed further based on the decision of its board and the financial position.
Lowest interest rate in 7 years
In March, the board had recommended 8.5% payment for FY21. EPFO has estimated income of around Rs 70,300 crore in the last financial year, which includes around Rs 4,000 crore from selling a portion of its equity investments.
After the outbreak of Kovid-19 in 2020, EPFO reduced the interest rate of PF to 8.5 percent in March 2020. This is the lowest interest rate in the last 7 years. In the financial year 2018-19, the interest rate was 8.65 percent. However, in the financial year 2017-18, it was only 8.55 percent. It is 8.5 percent for the financial year 2019-20.
Know- How to Check Balance
Once the interest is credited, PF subscribers can check their EPF balance and interest status in four ways. Subscribers must have their Universal Account Number (UAN) to check EPF balance.
Check balance via sms
EPFO subscribers can also check their EPF account balance by sending SMS. For this you have to message on number 7738299899. For this, write “EPFOHO UAN ENG” and send it to the given mobile number. On receiving the SMS, EPFO will in turn send you the PF account balance information.
Check pf balance by missed call
EPFO has also provided missed call facility to check balance. In such a situation, you can check the balance by giving a missed call on the number 011-22901406. However, for this, the number of the EPFO subscriber should be registered with the PF account. Apart from this, the EPFO member should be linked in UAN, KYC details.
Check passbook through EPFO portal
After registering yourself on the EPFO Subscribers Portal, log in to https://passbook.epfindia.gov.in/MemberPassBook/Login# using your UAN and Password. With this you can see your passbook.
Balance check can also be done from UMANG app
EPFO members can view their account balance and EPF details through ‘UMANG’ mobile application. Go to Employee Focused Services and click View Passbook. To check your balance in Employees’ Provident Fund, you need to enter the UAN and enter the OTP sent on the registered mobile number.
