July 24, 2023: The government today notified 8.15% rate of interest for provident fund (PF) contributions for 2022-23 (FY23). AS a result of this, the Employees’ Provident Fund Organisation (EPFO) will credit 8.15% interest on EPF contributions made for last financial year.
The interest rate for EPF contributions for FY23 is five basis points higher than the multi-decadal low 8.1% interest rate for FY22.
“The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central government under para 60 (1) of Employees’ Provident Fund Scheme, 1952, to credit interest for the year 2022-23 to the account of each member of the EPF scheme,” said a circular by the Employees’ Provident Fund Organisation (EPFO) on July 24.
(Source: epfindia.gov.in)
In March this year, the central board of trustees of the EPFO had recommended the 8.15% interest rate for FY23.
Once the pension fund body credits the EPF interest in your PF account, you will be able to check it using various online and offline methods.
Through PF balance check, you can know the exact amount that is lying in your EPF account. You can conduct a PF balance check online, as well as offline. To conduct the EPF balance check offline, you can send an SMS or give a missed call to the EPFO. To conduct an EPF balance check online, you can visit the official EPFO portal or download the Umang app on your mobile.
See also: What is UAN login? How to use it to know PF details?
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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