The central government in July 2023 accepted the recommendation of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to increase the interest rate of deposits in Provident Fund (PF) to 8.15 percent. Since the announcement, many EPF members have been waiting for the interest amount to be credited in their EPF account. One of the users on Twitter wrote, “When we will get the interest added to our passbook for FY 2022-23", to which EPFO responded saying, “The process is in 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. Please maintain patience."
Although, interest is calculated on a monthly basis in an EPF account, however, they are deposited at the end of a financial year. The transferred interest is added to the next month's balance and is then compounded to calculate interest on that month's balance amount.Once the amount is credited, users can check their EPF balance through various methods, including the EPFO website, SMS, missed calls, or the Umang App.In March 2022, the Employees' Provident Fund Organisation (EPFO) had lowered the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 percent from 8.5 percent in 2020-21. This was the lowest rate since 1977-78 when the EPF interest rate was 8 percent.The Employees' Provident Fund Organization (EPFO) is one of the largest social security organisations, providing social security benefits to members in the form of PF, pension, and insurance benefits.