EPFO started crediting 8.5 per cent provident fund interest.
Retirement fund body Employee Provident Fund Organisation (EPFO) on Thursday, December 31, started crediting 8.5 per cent rate of interest on employees' provident fund (EPF) for fiscal year 2019-2020 for its over six crore members. With this development, several members of the Employees Provident Fund Organisation will now be able to see their updated EPF accounts with credit of 8.5 per cent rate of interest from tomorrow, January 1, 2021. The Ministry of Labour had already directed to credit the 8.5 per cent interest on employee provident fund for 2019-20 to the EPFO and the body has already started crediting interest into members accounts for the last fiscal. (Also Read: 8.5% Provident Fund Interest To Be Credited In Accounts From Tomorrow )
"We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account,'' said Labour Minister Santosh Gangwar. He also stated that he has asked to ensure that all those members who are retiring on December 31, must obtain 8.5 per cent rate of interest for fiscal year 2019-20. The process for capital gains for payment of 0.35 per cent interest for 2019-2020 has also been completed, according to the minister.
Starting from tomorrow, members can see the credited amount in their accounts. One can check the EPF balance either by SMS, or by giving a missed call, or accessing the website, or through the UMANG app in these simple steps:
Here's how to check your EPF balance at home:
- Through SMS: Send SMS 'EPHOHO UAN LAN' from registered mobile number to 7738299899 (LAN is the first three characters of the preferred language)
- Through Missed Call: Give a missed call on 011-22901406 from the registered mobile number
- Through the website: Visit EPF passbook portal, log in using UAN and password. Download or view passbook
- Through the UMAG App: Go to EPFO. Click on Employee Centric Services, select 'view passbook' and log in with UAN to view the passbook
Earlier this year, EPFO's apex decision-making body — Central Board of Trustees had approved 8.5 per cent interest rate on EPF for fiscal 2019-2020. In September 2020, the retirement fund body had decided to split the 8.5 per cent interest into two instalments of 8.15 per cent and 0.35 per cent in its trustees meet headed by the Labour Minister. But later, the ministry decided to credit the entire 8.5 per cent into the accounts in one go.
