EPFO: According to reports, the Central Board of EPFO has approved the increase in interest and the body is now awaiting the approval of the Finance Ministry.
There is good news for the members of Employees’ Provident Fund Organization (EPFO). The retirement fund body can credit the interest rate for the financial year 2020-21 (FY21) before Diwali. According to reports, the Central Board of EPFO has approved the increase in interest and the body is now awaiting the approval of the Finance Ministry.
According to the report, two government officials, on condition of anonymity, said that this would bring more money to government employees and pensioners along with an increase in their dearness allowance (DA) and dearness relief. 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 expecting to proceed 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% payout 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 PF interest rate 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. For the financial year 2019-20, it is 8.5 percent.
Check balance like this-
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) activated to check EPF balance.
>> Check balance via SMS
EPFO subscribers can also check their EPF account balance by sending SMS. For this, a message has to be sent to the number 7738299899. For this, write “EPFOHO UAN ENG” and send it to the given mobile number. On receipt of the SMS, EPFO in return will send you the PF account balance details.
>> Check PF Balance by Missed Call
EPFO has also given the facility of missed call 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.
>> Through EPFO portal
After registering yourself on the EPFO Subscribers Portal, login 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 statement through ‘UMANG’ mobile application. Go to Employee Focused Services and click View Passbook. To check your balance in Employees’ Provident Fund, you have to enter UAN and enter your OTP sent on the registered mobile number.
