The process of crediting interest to employee provident fund (EPF) accounts has been started by the statutory body Employees' Provident Fund Organisation (EPFO). The beneficiaries have been informed by EPFO that the interest is fully credited and that there will be no loss to anyone.
Through a passbook that contains information about your provident fund balance, you can determine whether or not your interest has been credited to your PF account. The EPFO website offers online access to the passbook.
On October 31 of last month, EPFO stated that the process of crediting interest was still in progress but would soon be reflected in your account. The interest shall be paid in full when credited. There won't be any loss of interest.
After the Finance Ministry responded to inquiries concerning interest not being credited to employees' PF accounts in October, EPFO provided its clarification.
According to the Ministry of Finance, no subscriber will experience an interest loss on October 5. All EPF members' accounts are credited with the interest. However, due to a software update that EPFO conducted to account for the change in the tax incidence, it is not visible in the statements.
Additionally, the Ministry of Finance said that payments are made inclusive of interest for all departed subscribers seeking settlement and for subscribers seeking withdrawal.
The CBT announced an interest rate for EPF accounts in March of this year of 8.10%, the lowest since 1977–1978. The 8.1% rate is still higher than inflation. For the fiscal year 2021–2022, this rate will be applied to EPF accumulations in members' accounts.
Here's how to check EPFO balance in the passbook:
If the employee has a UAN that has been activated and has been registered, it is easier to check your passbook. The Universal Account Number (UAN) is a 12-digit number.
Through Online Mode
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A member must go to epfindia.gov.in, the EPFO's official website, to check their passbook.
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Then, members select the "Services" area from the dashboard's top navigation. Select "For Employees" from the list of options under this section.
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Employees will see a new page open. Select the "Member Passbook" option found in the "Services" section.
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After choosing "Member Passbook," the user will be taken to a login screen.
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Mention your UAN information, your password, and your answer to the captcha code. Then select "Login."
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You will be taken to the main EPF account, where information on both employer and employee contributions as well as interest earned is highlighted. By selecting "Download Passbook," you can also print your passbook.
Through SMS
You can also check your balance via SMS. Send an SMS from the registered mobile phone to 7738299899. The SMS will be sent in the following format: "EPFOHO UAN ENG." The language in which you choose to receive your balance information is often indicated by the last three characters, "ENG." As a result, you can type in any language of your choice, including English, Hindi, Marathi, Telugu, Punjabi, and Bengali.
Additionally, a missed call to 011-22901406 or 9966044425 can be used to get the balance.
The information provided in the SMS and call feature will, however, refer to the total balance amount rather than the specific financial year.
