Provident Fund EPF Interest Rate: The central government has approved 8.25% interest to EPF account holders for financial year 2024-25. After this decision, EPFO can now start the process of depositing interest in EPF account. If your EPF account comes under an exampted trust, then the process of paying interest at the same rate will also be started there. Let’s know how much interest you will get on EPF? How long will this interest be seen in your account? Do you lose interest due to this delay?
How much interest will be available on EPF?
According to Para 60 of EPF Scheme, EPF Scheme, EPF interest is calculated at the ongoing balance of every month and is deposited in the account at the end of the year.
Suppose your EPF account is Rs 5 lakh on 1 April 2024. Your basic salary is 60,000 rupees monthly. You deposit 12% of salary i.e. 7,200 rupees every month. Your employer also deposits Rs 7,200. But 8.67% of this amount of employer goes into EPS (Employee Pension Scheme), which is a maximum of Rs 1,250. The remaining balance comes in your EPF account.
In this way, Rs 86,400 (7,200 × 12) (7,200 × 12) from your side and 71,400 (by removing the contribution of Empologic pension scheme) from your behalf in the whole year will be in the EPF. Calculation of interest will be done according to this full amount and 8.25% annual interest at the current 5 lakhs at the beginning of the year.
When will the EPF interest be deposited in the account?
The interest of EPF is usually deposited at the end of the financial year, but it is late in the credit account. Many times the interest credit is seen only till September or October. Account holders are advised to check the status of their EPF account through EPF passbook website or UMANG app or SMS.
What is loss in EPF interest delayed?
No, the delay in credit of EPF interest does not cause any kind of damage to the account holders. Calculation of interest is on the average balance of the whole year and gets full interest, even after a few months.
How to check EPF balance?
If you feel the problem in logging on the EPFO passbook website, you can try these options.
EPFO Helpline Number
EPFO’s official website
It is good news for EPFO account holders that the government has approved an interest rate of 8.25% for 2024-25. Now just the account holders will have to wait a little, the interest will soon join their account.
Bank of Baroda will not check your check! This work will not be done, money will be stuck, the rules of BOB have changed