EPFO starts crediting interest to provident fund accounts. Check balance online

EPFO starts crediting interest to provident fund accounts. Check balance online

NEW DELHI : Bringing cheer to over 6 crore PF subscribers before Diwali, the Employees’ Provident Fund Organisation (EPFO) has started the process of crediting interest to provident fund accounts. Several PF account holders have already received interest credit of 8.65% for the financial year 2018-19. The total interest outgo for EPFO comes to around₹54,000 crore. The total corpus with EPFO is more than ₹11 lakh crore.

The interest rate you received this year is 10 basis points more than what you got last year — 8.55%.

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How to check your EPF balance:

If you want to check your EPF account balance, then you have at least four ways to do it — EPFO portal, UMANG app, missed call and SMS service. The first two options will show you the entire PF passbook and also the amount of interest credited to your account.

Go to the EPFO site here and log in using your UAN (Universal Account Number) and password. You just need to click on “View Passbook” option in the right to see the full details of all deposits and withdrawals from your account. You can even download your passbook.

If you have the Umang app on mobile, go to ‘Employee Centric Services’ and then click on ‘View Passbook’. You will now be asked to login using your UAN and OTP after which the EPF passbook will be available.

Alternatively, you can also send SMS on 7738299899 or a missed call on 011-22901406 to check your EPF account balance and statement.

The delay in EPFO interest payout:

Despite the labour ministry announcing the interest rate way back in February, there was a big delay in crediting the interest amount to PF accounts due to late approval from the finance ministry.

The delay has affected PF account holders as you will not earn any compound interest till the time last year’s interest gets credited. It means that since the interest got credited on October 7, you will not earn any compound interest on last year’s interest. Compounding will begin from October 7.

Source:- livemint

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