EPF interest to be credited soon. 4 easy ways to check your PF balance
1 min read.Updated: 31 Dec 2020, 05:48 PM IST Written By Anulekha Ray
The EPFO central board in September said it will pay 8.5% interest to its subscribers for the year ended 31 March
The process for capital gains for payment of 0.35% interest for 2019-20 has also been completed, labour minister said
Employees' Provident Fund Organisation (EPFO) has started crediting 8.5% interest to its subscribers by the end of December, according to reports. The EPFO central board in September said it will pay 8.5% interest to its subscribers for the year ended 31 March. The interest rate be divided into 8.15% and 0.35%.
"We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account," the labour minister Santosh Gangwar said, quoted PTI.
The retirement fund body’s earnings were badly hit in March due to coronavirus pandemic. "In view of exceptional circumstances arising out of COVID-19, the agenda regarding interest rate was reviewed by the central board and it recommended the same rate of 8.5% to the central government," the labour ministry earlier said.
"It (8.50% interest) would comprise 8.15% from debt income and balance 0.35% (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020," the statement had mentioned.
The process for capital gains for payment of 0.35% interest for 2019-20 has also been completed, Gangwar added, PTI reported.
Here's how you can check your PF balance
Check PF balance via SMS
To check the balance, EPFO members having a universal account number (UAN) and registered on the EPFO portal, can SMS to 7738299899 by typing EPFOHO UAN ENG.