EPFO states PF interest credit will reflect shortly in the passbook

Many EPF subscribers have not yet received their EPF (Employees’ Provident Fund) interest amount for FY 2022-23. The retirement fund body, EPFO (Employees’ Provident Fund Organisation), responded to the question, ‘When will PF interest be added to the passbook for FY 2022-23?’ on X (formerly Twitter).

The EPFO replied that the PF interest credit process is in the pipeline and may be shown on the subscribers’ passbook shortly. They stated that the interest would be accumulated and paid in full whenever it gets credited. It also clarified that there would be no loss of interest and asked subscribers to maintain patience. 

In March 2022, the EPFO lowered the interest rate on EPF deposits for FY 2021-22 to a four-decade low of 8.10% from 8.5% in FY 2020-21. This was the lowest PF interest rate since 1977-78, when the interest rate was 8%. However, it raised the interest rate to 8.15% for FY 2022-23. 

The EPFO had instructed its field offices to credit the 8.15% interest for FY 2022-23 into subscribers’ accounts in March 2023. Once the interest is credited, subscribers can check their EPF balance through various methods, including the SMS, EPFO website, UMANG App or missed call.

Subscribers can check EPFO balance online by following the below process:

• Go to the EPFO website.
• Click the ‘Services’ option and select ‘For Employees’.
• Under the ‘Services’ heading, click the ‘Member Passbook’ option.
• Enter the UAN number, passbook and click the ‘Sign In’ button.
• Select the member ID and click the ‘View Passbook’ button. The account details will be displayed. The interest will also be displayed once it is credited.

The EPFO calculates the month-wise closing balance and then the PF interest for the entire year. If an employee withdraws a certain sum from the PF account, the interest from the beginning of the financial year till the last date of the month preceding the withdrawal is considered for PF interest calculation.

For any clarifications/feedback on the topic, please contact the writer at mayashree.acharya@cleartax.in