The process of depositing interest into Employees' Provident Fund (EPF) accounts has started, according to the Employees' Provident Fund Organization (EPFO). Subscribers have been guaranteed by EPFO that the full interest would be credited and there won't be any losses.
The interest may soon be shown in the accounts of EPF members. Subscribers can examine their passbook, which shows information about their provident fund balance, online through EPFO's website to see if the interest has been credited.
There won't be any interest loss and the interest will be fully credited as it accumulates. The Finance Ministry addressed concerns regarding the non-credit of interest in EPF accounts in October, which led to the EPFO's clarification.
The ministry claims that as of October 5, no EPFO subscriber had lost any interest, and the interest was being credited to all EPF accounts. However, due to a software upgrade, EPFO is currently implementing to attribute the change in tax incidence, it's possible that this information won't appear on statements.
For the fiscal year 2021–2022, the Central Board of Trustees (CBT), which is in charge of determining the interest rate for EPF accounts, declared an interest rate of 8.1% in March. When it is credited to the members, this rate will be put in EPF accounts.
In EPF accounts, interest is typically calculated monthly, although it is credited at the end of the fiscal year. The transferred interest is added to the balance for the following month, compounded, and applied to the balance for that month to determine interest. All EPFO clients can expect to hear good news soon.
How to check the balance and interest in your EPF account?
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Go to epfindia.gov.in to see the official EPFO website.
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Select the "Services" option from the member dashboard's top menu.
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Select "For Employees" from the list of options under the "Services" section.
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Employees will see a new page. Click the "Member Passbook" link after scrolling down.
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A login page will be displayed for you. Put in your UAN information, password, and captcha code answer.
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To access your EPF account, click "Login."
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Along with information about the contributions made by both you and your employer, the interest earned will be displayed for you to view.
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By selecting "Download Passbook," you can print your passbook as well.
