EPFO Updates: The government has good news for EPFO account owners. In fact, the Employees’ Provident Fund Organisation (EPFO) has informed the more than 6 crore EPFO account holders of an interest rate of 8.15 percent for the EPF account for the fiscal year 2022–23. Let’s remind you that this rate was previously 8.10 percent. The Central Government also said that it would pay 8.15 percent interest on the EPF allocated for the fiscal year 2022–2023. This was announced on 24th of July.
Interest Rate Raised to 8.15% for FY2022-2023
The Employees’ Provident Fund Organisation (EPFO), according to media sources, issued a recommendation to the government on March 28 regarding the choice to pay interest on EPF deposits at a rate of 8.15 percent rather than 8.10 percent. After that, the central government reportedly approved an EPF rate of 8.15 percent for the fiscal year 2022–2023. Additionally, by raising interest, EPFO has provided good news to its more than six crore members. In a formal order issued on Monday, the EPFO requested that its regional offices deposit interest for the financial year 2022–2023 at a rate of 8.15 percent in the members’ accounts. In actuality, the Finance Ministry’s approval of the interest rate came before this directive was issued. In addition, the money will only be deposited into EPF members’ accounts at the revised interest rate after the notification has been published. The PFO lowered the interest rate on EPF deposits to 8.10 percent for the fiscal year 2021–2022 in March 2022, the report claims.
From 8.10% to 8.65% – A Look Back Over the Years
Let us inform you that the interest rate for EPF Accounts was set by EPFO at 8.10 percent for the fiscal year 2021–2022 for your information. The interest rate was at its lowest level in almost 40 years. Additionally, the EPFO set an interest rate of 8% in 1977–1978. But it has consistently remained at 8.25 percent or higher ever since. Let’s note that 8.65 percent interest was paid in the 2018–19 fiscal year, 8.55 percent in the 2017–18 fiscal year, 8.65 percent in the 2016–17 fiscal year, and 8.8 percent in the 2015–16 fiscal year.
Steps to check balance
- Go to the official website www.epfindia.gov.in.
- Then click on the option of E-PassBook.
- After this a new page will open in which you have to enter the captcha code followed by UAN number and password and click on the login button to login.
- After this, go to the Member ID option to see the passbook.
- After this you will get the option of passbook in PDF format, which can be downloaded and saved.
- In this way you will be able to check balance.