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EPFO likely to credit 8.5% EPF interest rate soon:

The Employees’ Provident Fund Organisation (EPFO) is likely to credit 8.5% Employees’ Provident Fund (EPF) interest for its six crore subscribers by the end of July for the financial year 2020-21. Earlier, in March this year, the EPFO kept the interest rate unchanged at 8.5% for the current financial year as there were more withdrawals than deposits during this period.

PF subscribers can check their balance in four different ways. SMS, UMANG app, missed call, and EPFO website.

(1.) SMS: Type in the message EPFOHO UAN ENG and send it to 7738299899. On receiving the SMS, the EPFO will reply to it with the sender’s PF bank account details.

(2.) UMANG app: Open the Unified Mobile Application for New-age Governance (UMANG) app and click on EPFO. Next, click on “Employee Centric Services” followed by the “View Passbook” option. Then, enter your Universal Account Number (UAN) and a one-time password (OTP) sent to your registered mobile number. Finally, check your EPF balance.

(3.) Missed call: For this, first, ensure your UAN is integrated with your Know Your Customer (KYC) details. Then, give a missed call on the number 011-22901406. An SMS will be sent to the registered mobile number with the requisite details.

(4.) Online: Access the website epfindia.gov.in and click on “e-Passbook”. Enter UAN, password, and captcha code. You will then be redirected to a new page where you will have to enter your member ID. Click on “Submit,” and your PF balance will be displayed on the screen.

In March 2020, the social security body had cut the EPF interest rate to 8.5% for FY 2019-20 due to the outbreak of the Coronavirus Pandemic. The corresponding rates for FY 2018-19 and 2017-18 were 8.65% and 8.55% respectively.

Thank you and looking forward to helping anyone in need, for further queries please write to us at advisory@karmamgmt.com, and for services connect on sales@karmamgmt.com.

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