The Employees' Provident Fund Organisation (EPFO) is currently in the process of allocating increased interest for provident fund deposits made during the financial year 2023-24. EPFO had raised the interest rate on deposits to 8.25 per cent for FY24, compared to 8.15 per cent in the previous year. Fund members are eagerly anticipating the higher interest payout for FY24, which is expected to be more substantial than in FY23.
In response to a member's query on the social media platform X, the EPFO stated that the process of allocating the increased interest is underway and will be reflected in members' accounts shortly. The organisation said that when the interest is credited, it will be paid in full, ensuring no loss of interest for members. Responding to a member’s query on X, the EPFO said, "The process is in the pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest."
For the financial year 2022-23, EPFO credited the interest to the accounts of 28.17 crore members. If any member is experiencing delays, they are encouraged to register their grievance on the EPFO's grievance portal. "Dear member, the interest for Financial Year 2022-23 has been provided to 28.17 crore members accounts of EPFO as on date. If you are facing any inordinate delay, then you are requested to register your grievance on http://epfigms.gov.in," it said on X.
Last week, EPFO reported a net addition of 15.48 lakh members in February 2024. Out of these, around 7.78 lakh members enrolled with the fund for the first time. The majority of new members, 56.36 per cent, were in the 18-25 age group.
Members can check their EPF balance through the EPFO website, by sending a message, or making a missed call. Information on how to check your balance can be found on the EPFO website.