New Delhi: The rate of interest on Employees’ provident fund (EPF) has been increased to 8.65% for the financial year 2018-19, the Employees’ Provident Fund Organisation (EPFO) on Wednesday announced in a tweet. It will credit around Rs 54,000 crore as interest in the accounts of over 6 crore members, it said.
The interest rate till now was 8.55%, which was approved for 2017-18. It is to be noted that rate of interest of 8.55% for 2017-18 was the lowest in the last five years. In 2016-17, the interest rate was kept at 8.65%, while in 2015-16 it was 8.8%. The EPFO had provided 8.75% interest for 2013-14 as well as 2014-15, while in 2012-13, the rate of interest was 8.5%.
Announcing the ROI hike, Union labour minister Santosh Gangwar said that the circular in this regard has already been released.
Speaking on the PF interest rate, Manikaran Singh, a SEBI registered tax and investment expert said, “The government of India decides the PF interest rate on a quarterly basis and for the financial year 2018-19, the EPF interest rate is 8.65 per cent. An EPFO subscriber can check one’s PF balance via SMS by sending a message in a proper format as described on the official website of the EPFO.”
Check your PF Balance
This benefit would reach to only those employees who have done the EPFO UAN activation.
Follow these steps to check PF balance on EPFO website:
Log-in to the EPFO website (www.epfindia.gov.in).
-Go the ‘Our Services’ tab and click on the ‘For Employees’ option.
-Click on the Member Passbook.
-Submit your UAN number and password.
-After logging-in, you can access your PF account and check your available balance.
Follow these steps to check PF balance Via Umang:
Open the Umang app on your smartphone then select EPFO.
Click on the ‘Employee Centric Services.’
Click on ‘View Passbook’ to check your EPF balance.
Enter your UAN and click on Get OTP
Enter the OTP and click on ‘login.’
Select the member ID of the company for which you want to check the EPF balance.
Your passbook will be displayed on the screen along with your EPF balance.
Via SMS service
For EPF balance check through SMS, one’s UAN and bank account has to be linked with PAN and Aadhaar card number. Those who want to check balance can send an SMS from registered mobile number in the format EPFOHO UAN ENG to 7738299899. The last three digits of the message represent the language in which the subscriber wants his/her reply from the EPFO. Once the message is sent, the EPFO will process the inquiry and send the PF balance in reply to the SMS.
Missed call service
One can also check their PF balance by giving a missed call to 011-22901406.