The Employees’ Provident Fund Organization has announced the interest rates for the last financial year and now soon the amount of interest will start being sent to the accounts of crores of employees. If you are also waiting for interest, then understand how to check your balance.
New Delhi. Employees’ Provident Fund Organization (EPFO) can give a big gift to its crores of subscribers this year. Sources associated with EPFO say that this year the interest amount will come soon in the PF account.
Actually, the records of all the employees across the country are with the EPFO, which deducts a fixed amount every month from the salary of the employees and returns it to the employee as a hefty amount on retirement. Apart from this, according to the amount deducted from the salary, the employee also gets pension from EPFO. The EPFO pays interest every year on the amount deducted from the salary, which is decided by its trust and after the approval of the Ministry of Finance, the interest money is deposited in the account.
Awaiting Finance Ministry’s approval
The EPFO Trust in its meeting held in March has decided to pay 8.10 percent interest on the PF account for the financial year 2021-22. At present, this proposal has been sent to the Ministry of Finance for approval, but sources say that the ministry will give its approval soon instead of reviewing it more. Actually, the interest rate offered this time is the lowest in the last four decades. That is why speculations are being made that the interest money will come into the account soon this year.
When will the money come
Sources say that this year till Dussehra or Diwali, the interest money will be sent to the subscriber’s account. Usually, it takes time till December for this interest money to come. In February this year, EPFO has added 12.37 lakh new accounts with itself. If the EPFO pays the interest money early, then it will only benefit, because all the settlements happening now have to be done at the interest rate of last year, which was 8.5 percent. In such a situation, after the implementation of the new interest rate, EPFO will have to pay less interest in settlement.
Check account balance like this
- First of all go to the official website www.epfindia.gov.in and after selecting For Employees, select Our Services.
- Here you will enter your UAN and password by selecting Member Passbook.
- To check the balance, it is necessary that your UAN should be activated.
- If you do not have UAN, then first of all go to epfoservices.in and select your state and click on the office link.
- Here by entering your PF account number, name, registered mobile number and submitting it, then you will get UAN.
- After this, you will be able to easily check the balance of your PF account through the process given above.
