To this early profit crediting, the Employees’ Provident Fund Organisation (EPFO) pronounced the interest of 8.15% to more than 96% of EPF accounts for the year 2023–24 in advance, enjoying benefits by more than 32.39 crore accounts. This, as assured by Union Labour Minister Mansukh Mandaviya, must help private sector employees in their retirement planning by increasing their savings. In this article, the update, how the balance can be checked, and its significance to members will be detailed.
Early Interest Crediting
Normally, interest credits are made later in the year; however, the interest of 8.15% for FY 2023–24 has been credited to most of the EPF accounts much earlier than was expected. This way, the members get their savings to grow faster for greater financial security. In a way, this early interest credit could be a testament to the efficiency of the EPFO in perspective of providing better services to over 33.56 crore account holders. This step becomes even more significant from the long-term perspective of people who depend on provident funds for long-term planning.
How to Check Your EPF Balance
Some wonderful methods allow you to check your balance without having to go to the office:
- Online Portal: Go online to https://passbook.epfindia.gov.in, log in using your Universal Account Number (UAN) and password, and check your passbook for the latest balance and interest information.
- SMS Service: Send “EPFOHO UAN ENG” (replace ENG with your preferred language code, e.g., HIN for Hindi) to 7738299899 from your registered mobile number to receive balance details via SMS.
- Missed Call: Give a missed call to 011-22901406 from your registered number for instant balance information.Ensure your UAN is activated and linked to Aadhaar for seamless access.
Why This Matters
Early interest credits build stronger financial support for the millions, especially in the private sector where EPF is the main instrument for retirement. The 8.15% rate compounded on an annual basis really helps grow money over the years against inflation and secures a future for the members. With this, EPFO is continuing to improve its services through digital enhancements, further enabling members through the Unified Portal for profile updates and claims filings.
Next Steps for Members
Members should update their particulars, especially Aadhaar and bank details, through the EPFO portal to seek full benefits from the provisions and should keep checking the balance of their accounts periodically to keep track of correctness for scheduling withdrawal/transfer. For any discrepancy, members can approach the EPFO through the grievance portal EPFiGMS or helpline.
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