EPFO Diwali Gift: EPFO starts crediting interest into PF Accounts

Ahead of the Diwali festival, the Employees' Provident Fund Organisation (EPFO) has started crediting the interest to the respective Provident Fund (PF) accounts, said the government body in an official statement. The EPFO said that although a several customers have had interest credited to their accounts, it might take some time for it to show up in their bank accounts.  According to reports, the rate of interest on the PF account investment for the financial year 2022-23 is 8.15 per cent. "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," the EPFO had posted on 'X' earlier in August. 

Meanwhile, Union Labour Minister Bhupender Yadav also confirmed that the interest has been credited to more than 24 accounts so far. Union Labour Minister Bhupender Yadav has said that the interest has already been credited in over 24 crore accounts. Once the interest is credited, it will be reflected in the PF account of the individual. One can check the provident fund account balance in multiple ways – via text message, missed call, UMANG app, and EPFO website. The PF interest rate is decided every year by EPFO's Central Board of Trustees (CBT) in consultation with the Ministry of Finance. This year, the interest rate was announced in July by the EPFO. Last year, EPFO had lowered the interest rate to a four-decade low of 8.10 per cent for its subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.