EPFO Diwali Gift: EPF Interest Deposited In Over 24 Crore Accounts; Here's How To Check Your PF Balance

Ahead of Diwali, the retirement fund body the Employees' Provident Fund Organisation (EPFO) has deposited the Employees Provident Fund (EPF) interest in more than 24 crore accounts, according to a press brief dated November 1, 2023, available on the EPFO website. Recently, Union Minister for Labour & Employment, Environment, Forest & Climate Change, Bhupender Yadav inaugurated the 71 Foundation Day of EPFO held at Bharat Mandapam, through virtual mode.

On this occasion, Bhupender Yadav expressed happiness over the way EPFO has grown in the years gone by and expressed satisfaction that EPFO is giving 8.15% interest this year and has already credited interest in more than 24 crore accounts.

The 234 meeting of the Central Board of Trustees, EPF was also held on October 31 in New Delhi under the Chairmanship of Shri Bhupender Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change, ViceChairmanship of Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and CoChairmanship of Smt. Arti Ahuja, Secretary of Labour & Employment, and the Member Secretary Smt. Neelam Shami Rao, Central P F Commissioner.

Earlier, the Union Ministry for Labour and Employment approved to credit interest at 8.15% to the EPF scheme for 2023-24.

EPF contribution is credited to the bank account of subscribers on a monthly basis, and interest is calculated every month. However, the total interest for a year is credited to the accounts at the end of the financial year.
The EPFO balance can be checked online by the subscribers through its website. Besides, EPFO also provides the balance information through missed call facility and SMS service.

How to check EPF balance?

Subscribers need to have their Universal Account Number (UAN) activated in order to check EPF balance. The UAN is an identification number that can be easily seen on the monthly salary slip of an employee. UAN is unique for every working individual who is enrolled under the EPF scheme.

Step-by-step guide on how to check EPF balance:

Step 1: Go to the EPFO's official website, epfindia.gov.in and log in.
Step 2: Visit 'Our Services' tab and select the option that says 'for employees.'
Step 3: Click on the option 'Member Passbook' under the option 'services'.
Step 4: The EPF passbook page - passbook.epfindia.gov.in - will appear. Enter the username (also known as UAN) and password.
Step 5: After you have logged in, you can select the details on the concerned employment. For instance, someone who has worked in four different companies would have four different member IDs to choose from.
Step 6: After a member ID is selected, the EPF passbook can be viewed. The passbook shows the running balance in the EPF account.

EPF Interest Rate 2023

The EPF Interest Rate for 2022-23 is fixed at 8.15%.

Calculating Interest on Your PF Balance

One must note that the EPF interest is computed by adding the monthly running balance, multiplying it with the interest rate /1200. The EPFO calculates the month-wise closing balance and then the interest for the whole year.
The total EPF balance at the end of the year will be the sum of the employer contribution, employee contribution, and monthly interest accrued during the year.