EPF update: Finance ministry approves EPF annual interest rate of 8.25% for FY2024-25; some members get their payments (2024)

EPF interest rate:The Union Finance Ministry on Thursday announced that it has approved the annual interest rate of 8.25% for provident fund deposits. In February this year, the Employees' Provident Fund Organisation (EPFO) said the interest rate for the financial year 2023-24. The EPFO increased the interest rate to 8.25% for 2023-24 from the previous year's rate of 8.15%. The rate revision decision impacts millions of EPF members across the country.

The Government of India, through the Employees' Provident Fund Organization (EPFO), officially confirmed that the interest rate for EPF members for the Financial Year 2023–2024 stands at 8.25%. This announcement was made on May 31, 2024.

"Ministry of Finance approved the annual interest rate @ 8.25%," EPFO posted on social media platform X.

Furthermore, the EPFO had emphasised that the interest rates for EPF members are not divulged on a quarterly basis. Instead, the annual rate of interest is revealed subsequent to the closure of the financial year, typically in the initial quarter of the ensuing financial year.

Earlier in the day, EPFO informed that the revised EPF interest rates have been disbursed to departing members as part of their final PF settlements. Essentially, this ensures that EPF members who are retiring are now receiving accrued interest in addition to their PF settlements.

“The rate of interest for EPF members is not declared quarterly. Annual rate of interest, in general, is declared after the end of financial year in the first quarter of ensuing financial year. Accordingly, rate of interest for the Financial Year 2023-24 @ 8.25% for EPF members had already been approved by Government of India & notified by EPFO on 31-05 2024. The interest at the above revised rates is already being paid to outgoing members in their final PF settlements,” EPFO posted on social media platform X.

It added that23,04,516 claims have been settled disbursing an amount of Rs. 9260,40,35,488 to the members inclusive of latest interest rate declared @ 8.25% per annum.

To check if your EPF interest has been credited, you can use the following methods:

Umang App: Visit the official Umang App, log in, and access your EPF passbook on your mobile device.

EPF Website: Go to the EPF India website and proceed to the "For Employees" section. Click on "Member Passbook" under the "Services" tab. Provide your UAN, password, and captcha to log in. Your passbook will be visible within 6 hours of registration on the unified member portal.

SMS Service: Send the message "EPFOHO UAN" to 7738299899 to utilize the SMS service. Account status can be checked in various regional languages.

Missed Call Service: Obtain passbook details by giving a missed call from your registered mobile number to 9966044425.

These methods provide convenient ways to monitor the crediting of EPF interest into your account.