New Delhi: The Employees’ Provident Fund Organisation (EPFO) announced an interest rate of 8.25% for the financial year 2024-25 in February 2024. However, many EPF members have yet to see this interest credited to their accounts, raising concerns among employees about potential loss in returns.
Why the Delay Happens
The delay in crediting interest is largely due to administrative processes. EPFO can begin distributing interest only after an official government notification is issued. Although this sometimes takes time, it is part of a routine procedure and not unusual.
Will It Affect Your Total Returns?
No, the delay does not reduce your earnings. According to Paragraph 60 of the EPF Scheme, 1952, interest is calculated on monthly running balances and compounded annually. This means even if the interest is credited late, the amount is calculated for the full financial year and added to the closing balance. So, members receive the complete benefit of the declared interest rate.
How to Check Your EPF Balance
1. UMANG App
– Download and install the UMANG app.
– Register using your mobile number.
– Select the “EPFO” service.
– Click on “View Passbook.”
– Enter your UAN and click “Get OTP.”
– After logging in, you can view your passbook and balance details.
2. EPFO Portal
– Visit the official EPFO portal.
– Go to the “Employee” section and click on “Member Passbook.”
– Log in using your UAN and password to access contribution details, balances, transfers, and interest updates.
3. SMS Service
If your UAN is registered with EPFO, send an SMS to 7738299899 with the message:
– UAN EPFOHO ENG
(Here, “ENG” stands for the English language.)
Though administrative delays can feel frustrating, they do not compromise your EPF returns. The interest will be applied accurately once credited, ensuring your investments remain secure and fruitful.
