EPFO: Employees’ Provident Fund Organization (EPFO) announced an 8.25% interest rate for Financial Year 2024-25 in February 2024. But till now, interest amount has not come in the account of all PF account holders. This caused some people to worry that they would not harm them due to delay in getting interest. Especially, will the benefit of compound interest be reduced next year due to delay?
What is the loss due to delay?
For example, if interest is added to the bank on time, then the next time that amount also earns interest. Suppose there are 100 rupees deposit, 10% interest was added to 10 rupees. Now the new balance will be Rs 110 and next time it will get interest on the entire. If they connected for 10 rupees late, then interest will be available for a short time.
EPFO does not harm
But EPFO’s rules are different. According to Para 60 of the EPF Scheme 1952, interest is counted on every month’s deposit amount. Even if it is added to the account at the end of the year. That is, your deposit keeps earning interest from every month, whether the entry of interest is later. Because of this you do not suffer any harm.
EPFO has also repeated many times on social media that even though the interest of interest is later, but the full amount and full interest will be received. On 14 March 2024, EPFO responded to a member on X (first Twitter) said that the process of interest is going on, will soon be seen. Whenever there is a credit, full interest will be received. There will be no loss.
What will happen if EPF is not transferred?
Even if you have not transferred EPF from the old company to the new company, even then interest will continue to be received on the amount deposited in the old company’s account. Yes, it is important that that account is active or the transfer process is going on.
EPF Balance check like this
If you want to know how much amount is in your PF account, then you can see the balance in these 4 ways:
1. From Umang App:
Download the Umang app.
Register from mobile number.
Choose EPFO section.
Click on View Passbook.
Add UAN and take OTP and login.
Your passbook and balance will be seen on the screen.
2. From EPFO portal:
Go to the EPFO website.
Click on Member Passbook.
Login by adding UAN and password.
The contribution, interest and balance of every month will be seen in the passbook.
SMS at 7738299899 from your registered mobile.
Format: UAN EPFOHO ENG
Like if you want in Hindi: UAN EPFOHO HIN
Note: Your UAN should be linked to Aadhaar, bank and PAN.
4. Missed call:
Give missed calls on 011-22901406
The register will have to be called from mobile.
In a few seconds, information about the balance will be available from SMS.
Are you going to use ITR-3 form to file income tax returns? So in the first form these