EPFO Subscribers Likely To Get 8.5% Interest For FY21 Soon

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Key Highlights:
  • EPF interest rate of 8.5% for FY21 to be credited soon
  • EPF interest rate of 8.5% for FY21 is at seven-year low after it was slashed last year due to Covid
  • EPFO subscribers can check their balance via SMS, missed call or through UMANG app

The Employees’ Provident Fund Organisation (EPFO) will credit the interest rate due against the Provident Fund deposits done by subscribers. The retirement fund regulatory body is expected to deposit Employees’ Provident Fund (EPF) interest rate of 8.5% by the end of this month.

EPFO kept the interest rate unchanged for the financial year (FY) 2020-2 as there were more withdrawals than deposits during the year owing to widespread job losses due to the Covid-19 pandemic.

The government reduced the EPF interest rate to a 7-year low of 8.5% during the financial year 2019-20 which was 8.65% during FY 2018-19, 8.55% during FY 2017-18, and 8.65% for FY 2016-17.

EPFO has 6 crore members who are likely to see the EPF interest credit for the year FY 2020-21 anyway during the next week. They can check their funds in their provident fund accounts by giving a missed call, through an SMS or through UMANG app.

How to check PF account balance   

There are various methods by which an individual may check their balance instantly to check whether PF accounts have been credited with EPF interest rate of 8.5% for FY 2020-21.

SMS Method: You can send a text message to get you EPF details if your UAN is integrated with your KYC details. Simply type a text message in the format EPFOHO UAN ENG, wherein UAN will your Universal Access Number and ENG is the language in which you want to receive the information from the department. For instance, change ENG to HIN for Hindi, MAR for Marathi, TAM for Tamil and so forth. Now send this message to 7738299899. You will receive your PF balance details instantly.

Missed Call: Make sure your UAN is integrated with your KYC details and then you can give a missed call to the prescribed toll-free number. Give a missed call on 011-22901406. After disconnecting the call, you will receive an SMS that will contain all your PF account details.

Umang app method: Open the Umang (Unified Mobile Application for New-age Governance) app and click on EPFO. The member will be directed to a page that shows employee-centric services. Click on ’employee-centric services’, which will direct the user to the page. Then, click on ‘view passbook’ and enter the UAN and one-time password (OTP), which the user will receive on the registered mobile number. After this, the member will be able to check the EPF balance.

Don’t have UAN number? Check EPF balance without it

–Log in at EPFO home page (epfindia.gov.in)

–Click on ‘Click Here to Know your EPF Balance”

–You will be redirected to epfoservices.in/epfo/. Go to “Member Balance Information”

–Select your state and click at your EPFO office link

–Enter your PF Account Number, name and registered mobile number

–Click on ‘Submit’ and your PF balance will be displayed.

It is important to activate your UAN before checking your EPF. The password will be sent to the mobile number. Note that subscribers can check PF balance only six hours after activating UAN. 

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