Home Sms code EPFO begins crediting interest to the PF’s accounts; Steps to check your balance in the passbook

EPFO begins crediting interest to the PF’s accounts; Steps to check your balance in the passbook

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The statutory body Organization of the Employees’ Provident Fund (EPFO) has initiated the process of crediting interest on the accounts of the Employees’ Provident Fund (EPF). EPFO has assured beneficiaries that interest is fully credited and there will be no loss. That said, EPF subscribers may soon see their interests reflected in their accounts. The method of checking whether or not your interest is being credited to your PF account is by using a passbook where details of your provident fund balance are displayed. The booklet can be used online on the EPFO ​​website.

Last month, October 31, EPFO tweeted that the interest credit process is ongoing and will be reflected in your account soon. Each time interest is credited, it will be paid in full. There will be no loss of interest.

EPFO’s clarification came after the Department of Finance responded to questions about uncredited interest on employees’ PF accounts in October.

According to FinMin, on October 5, there is no loss of interest for any subscriber. Interest is credited to the accounts of all EPF subscribers. However, this is not visible in the returns due to a software upgrade implemented by EPFO ​​to reflect the change in tax incidence.

Furthermore, FinMin had stated that for all outgoing subscribers requesting settlement and for subscribers requesting withdrawal, payments are made including interest.

The government-backed EPFO ​​is one of the largest social security organizations in the world in terms of clientele and volume of financial transactions carried out. Meanwhile, the Central Board of Trustees (CBT), which is EPFO’s supreme decision-making body, operates a contributory provident fund, a pension scheme and an insurance scheme for the hired workforce. in the organized sector in India.

As a general rule, the BCT decides on the interest rate of the EPF accounts each financial year. The rate is later than observed by the Ministry of Finance. Once the FinMin gives the green signal, the rate is then processed in the PF accounts for that particular fiscal year by the CBT and EPFO. The CBT comes under the Ministry of Labor and Employment.

In March this year, the BCT declared an interest rate of 8.10% for EPF accounts – the lowest since 1977-78. However, the 8.1% rate still beats inflation. This rate will be credited to EPF accumulations in members’ accounts for the 2021-22 fiscal year.

Although interest is calculated on a monthly basis in an EPF account, it is however deposited at the end of a financial year. Transferred interest is added to the next month’s balance and is then compounded to calculate interest on that month’s balance amount.

Here’s how to check the EPFO ​​balance in the passbook:

It becomes easier to verify your passbook if the employee is a registered member/has activated their UAN. The Universal Account Number (UAN) is a 12-digit number.

Step 1: To check your booklet, a member will need to visit the official EPFO ​​website – epfindia.gov.in.

Step 2: Next, members click on the “Services” section which is mentioned at the top of the dashboard. In this section, click on the “For employees” option.

Step 3: A new page will open for employees. Click on the ‘Member Passbook’ option mentioned under ‘Services’.

Step 4: Once ‘Member Passbook’ is selected, he or she will be directed to a login page.

Step 5: Mention your UAN details with the password and answer the captcha code. Then click on ‘Login’.

Step 6: You will be directed to the main EPF account where details of employee and employer contributions, as well as interest earned, are highlighted. You can also print your booklet by clicking on ‘Download booklet’.

In particular, if your employer is more than one organization, you will need to check your balance in the passbook with different identifiers. You can get your EPFO ​​credentials from your payslips.

Another method to check your balance is to send messages. Send an SMS to 7738299899 from the registered mobile number. The format for sending the SMS will be: ‘EPFOHO UAN ENG’. The last three characters “ENG” are usually the language in which you would like to receive your balance details. Hence, you can type the language such as English, Hindi, Marathi, Telugu, Punjabi and Bengali among others as per your choice.

Also, the balance can be used by sending a missed call to 011-22901406 or 9966044425.

However, in the SMS and call function, the details will be given on the amount of the overall balance and not on the financial year in question.

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