EPF – Interest Rate 2022-23, Login, Check PF Balance, Login And More

The Employees' Provident Fund Scheme (EPF), initiated in India in 1952, is a retirement benefit program involving monthly contributions from both employees and employers during the employee's active tenure. Alongside tax benefits, this scheme offers a more advantageous interest rate compared to other savings methods.

Administered by the Employees’ Provident Fund Organization (EPFO), it entails equal monthly contributions by employees and employers, totaling 12% of the basic salary and dearness allowance. EPF provides higher interest rates for investments while also serving the Employees’ Pension Scheme (EPS) with a portion of the employer's contribution. The EPF program covers various aspects including interest rates, eligibility, contributions, withdrawals, and online account management.

EPF Interest Rate FY 2022-23

The EPF interest rate is evaluated each year. The interest rate for the fiscal year 2022-23 stands at 8.15%. After the EPFO declares the interest rate for a particular financial year and that year concludes, the interest is computed based on monthly closing balances and then aggregated for the entire year. The newly announced interest rates remain effective for the subsequent financial year, spanning from April 1st of one year to March 31st of the following year. Here are some key details to understand about the EPF Interest Rate for 2022-23:

• The interest rate of 8.15% remains valid and is relevant only for deposits made into the EPF between April 2022 and March 2023.

• While interest is calculated monthly, it is credited to the Employees’ Provident Fund account annually, specifically on March 31st of the respective financial year.

• The credited interest is combined with the balance of the subsequent month, such as April, and is then utilized for interest calculations once again.

• In case of no contributions for thirty-six consecutive months, the EPF account becomes inactive or dormant.

• Interest is applicable to inactive accounts of employees who haven't reached retirement age.

• No interest is granted on the funds deposited in inactive accounts of retired employees.

• The interest earned on inactive accounts is subject to taxation based on the member's applicable tax rate.

• Contributions made by the employer towards the Employees’ Pension Scheme do not accrue interest for the employee. However, a pension is disbursed from this amount after reaching the age of 58.

How to Calculate EPF Interest Rate?

Let’s understand this with an example. Imagine an employee initiates their contributions in April 2023.

Here is how the computation of the next month's (May) balance will occur:

• Starting balance from April 2023 = Rs. 2,350

• Interest acquired for April 2023 = Rs. 15.95

• Closing balance by the end of May 2023 = Rs. 2,350 + Rs. 2,350 = Rs. 4,700

Please note that while interest is accrued in April 2023, it will be added to the account on March 31, 2024, at the end of the fiscal year.

EPF Eligibility Criteria

• Employees must enrol as active participants in the program to access the advantages provided by this scheme.

• Personnel within a company are immediately entitled to benefits such as Provident Fund, insurance, and pensions starting from their first day of employment.

• Organizations with a workforce of at least 20 employees are obligated to offer EPF benefits to their workforce.

• This scheme does not address the requirements of individuals living in Jammu and Kashmir.

How can Employers Register for EPF?

Here is the procedure to complete the EPF registration:

1. Access the official website of the Employees’ Provident Fund Organisation (EPFO).

2. Navigate to the 'Establishment Registration' section, which will lead you to a new page containing the 'Instruction Manual'. This manual will guide you through the Employer Registration process, including the essential step of registering the Employer's Digital Signature Certificate (DSC) before submitting a new application.

3. Confirm your agreement by checking the 'I have read the instruction manual' box, then proceed to provide the necessary details for registration.

4. An activation email link will be sent to you, along with a mobile PIN. Activation is required, and specific documents need to be uploaded as part of the registration process.

5. Individuals who are already registered can log in by using their Universal Account Number (UAN).

How Can EPF Members (Employees) Log In To EPFO Portal?

You must visit the EPF member website, specifically the EPF e-SEWA/EPF Members Portal. On the right-hand side, you'll find the option for EPF employee login using your UAN (Universal Account Number), but ensure that your UAN has been activated previously.

What is UAN?

The Universal Account Number (UAN) is a 12-digit identification number assigned to each member of the Employees' Provident Fund Organisation (EPFO). This number enables members to manage their EPF accounts efficiently. It consolidates all Provident Fund (PF) information, regardless of the employing organization. The UAN facilitates tasks like fund withdrawal and transfers through the EPF UAN login portal.

Online Activation of EPF UAN:

To access EPF online services, activating your UAN through the EPF member login portal is necessary. To activate your EPF UAN, follow these steps:

1. Go to the EPF member website, i.e., EPF e-SEWA/EPF Members Portal.

2. Click the "Activate UAN" option located on the right corner of the page.

3. Once on the EPF member home dashboard, provide your UAN/member ID, Aadhaar number, name, date of birth, and mobile number as per EPFO records.

4. Complete the captcha and receive an authorization PIN on your EPFO-registered mobile number.

5. Use the One Time Password (OTP) to validate and activate your UAN online.

6. A confirmation message will be sent, verifying the activation of your UAN.

7. After activation, you can log in using your UAN to check your Provident Fund status.

How to File EPF e-Nomination Online?

The EPFO has made it compulsory for its members to submit their EPF nomination details to ensure that their family receives their earned savings if they pass away. This can be done online or offline. Notably, UAN members without e-nominations won't access their EPF passbooks online. The e-nomination process requires members to provide personal details and bank information, which will be verified through e-Sign. The deadline for e-nomination was initially December 31, 2021, but the EPFO has extended it, urging members to act promptly.

How To Update EPF KYC Online?

To update your EPF KYC (Know Your Customer) details online, follow these steps:

Access the EPF UAN Member Portal: Visit the EPFO's UAN Member Portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/.

Login: Log in using your UAN (Universal Account Number) and password. If you haven't activated your UAN yet, you need to do that first.

Navigate to KYC Section: Once logged in, go to the 'KYC' section on the portal. Here, you can update various KYC details like Aadhaar, PAN, bank account, passport, etc.

Add/Update KYC Details: You'll see a list of different KYC types. Choose the type you want to update (e.g., Aadhaar, PAN, Bank Account, etc.), and click on the 'Add' or 'Update' button next to it.

Enter Details: Enter the required details in the respective fields. Make sure the information matches your official documents.

Upload Documents: Depending on the KYC type, you might need to upload scanned copies of relevant documents. For example, for Aadhaar, you'll need to upload a copy of your Aadhaar card.

Save and Submit: After entering and uploading the details, save the information and submit it for verification.

Verification: Your updated KYC details will be sent for verification. It may take some time for the details to be approved by the EPFO.

Status Checking: You can check the status of your KYC update in the same portal. Once approved, the status will reflect as "Approved."

How to Check EPF Balance Online?

To check your EPF (Employee Provident Fund) balance online, you can use the EPFO's official portal or mobile app. Here's how:

Using the EPFO Portal:

1. Visit the EPF Member Portal: Go to the EPFO's Member e-Sewa portal at https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp.

2. Login: Log in using your UAN (Universal Account Number) and password. If you haven't activated your UAN, make sure to do that first.

3. View EPF Passbook: Once logged in, you'll see an option to view your passbook. Click on it.

4. Check Balance: Your EPF balance and transaction details will be displayed on the passbook page. You can see contributions, withdrawals, and the current balance.

Using the UMANG App:

1. Install UMANG App: Download and install the UMANG (Unified Mobile Application for New-age Governance) app from your mobile app store.

2. Register/Login: Register or log in to the UMANG app using your mobile number and OTP.

3. Access EPF Services: Search for "EPFO" services within the app and select "Employee Centric Services."

4. View Passbook: Choose the option to "View Passbook" and enter your UAN and OTP for verification.

5. Check Balance: Your EPF passbook details will be displayed, including your balance and transaction history.

Using SMS:

If you have linked your UAN with your Aadhaar and your bank account, you can also check your EPF balance via SMS. Send an SMS to 7738299899 with the message "EPFOHO UAN ENG" (ENG for English, replace with the preferred language code) from your registered mobile number. You will receive your EPF details via SMS.

Using Missed Call:

Give a missed call to 9966044425 from your registered mobile number. You'll receive an SMS with your EPF balance details.

How To Withdraw PF Online?

As of my last update in September 2021, you can initiate the process to withdraw your Employee Provident Fund (EPF) online through the EPFO's Unified Member Portal. However, keep in mind that the withdrawal process and rules might have evolved since then. Here's how you could typically withdraw your PF online:

1. Activate UAN: Make sure your UAN (Universal Account Number) is activated and linked to your UID, bank account, and PAN.

2. Log in to EPFO Portal: Visit the EPFO's Member e-Sewa portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/.

3. Login: Log in using your UAN and password.

4. Go to 'Online Services': Once logged in, navigate to the 'Online Services' tab and select 'Claim (Form-31, 19 & 10C)'.

5. Verify KYC Details: Ensure that your KYC details like Aadhaar, bank account, and PAN are verified.

6. Choose the Type of Withdrawal: There are different types of withdrawals like full withdrawal, partial withdrawal (for specific purposes), etc. Choose the appropriate type.

7. Fill in the Form: Complete the online withdrawal form with necessary details like the reason for withdrawal, amount required, etc.

8. Submit the Claim: After submitting the form, your employer needs to approve the withdrawal request online. If your Aadhaar is verified and linked with UAN, the claim will be processed automatically.

9. Wait for Processing: The withdrawal request will be processed, and the money will be credited to your bank account linked to your UAN.