EPFO account holders were expected to get the interest money (PF Interest Rate) on the amount deposited in PF by December-2022. The major reason for this was that in the last financial year also the interest rates were revised in the month of March and the money was transferred in December 2021, but this could not happen.
The festival of Holi is about to come and before this festival of colors the wait of 6.5 crore people of the country may end. We are talking about PF account holders… It is expected that before the festival, the government can transfer the interest money to the account. Earlier, before the presentation of the Budget 2023, people were expecting this amount to be deposited in their account, but it could not happen. However, Finance Minister Nirmala Sitharaman had definitely announced the change in PF rules in her budget speech.
Interest transfer expected before Holi
After the announcement of changes in the rules regarding PF during the budget, the expectation of the account holders has increased again that soon the interest money received on the amount deposited in PF for the financial year 2022-23 can come in their account. If media reports are to be believed, a similar possibility is being expressed in them that before Holi, the government can give a big gift to the members of the Employees’ Provident Fund Organization (EPFO).
No announcement from the government yet
No official announcement has been made by the government regarding the interest of PF. Let us tell you that the wait of EPFO account holders is getting longer. For the last few years, the account holders are not getting the money of PF interest on time. In 2020-21, 8.5% interest rate was fixed on PF in the month of March, while interest money was received in December 2021. At the same time, in March last year also, the interest rate for 2021-22 was fixed at 8.10 per cent, but the money in the account could not be transferred even after the new year 2023 started.
Know the new rules for PF withdrawal
Talking about the change in PF rules, on February 1, 2023, while presenting the general budget of the country, the government had announced relief regarding the withdrawal of EPF money. Under the new rule, now TDS deduction on withdrawal of money deposited in PF has been reduced from 30% to 20%. This decision of the government will benefit such PF account holders whose PAN card is not updated in their PF account.
Till now, if someone’s PAN card is not updated in the records of EPFO, then he had to pay TDS at the rate of 30 per cent on withdrawal of money, but now instead he will have to pay 20 per cent TDS. Let us tell you here that if a PF account holder withdraws money from the account within 5 years, then TDS is deducted on it.
Lowest interest rate in 40 years
According to the news, if the government transfers the PF money to the accounts of the account holders before Holi, then it will be a big gift for them. Please tell here that in March 2022, the rate of interest received on deposits in PF account was reduced from 8.5% to 8.1%. This is the lowest interest rate in almost 40 years. Earlier in 1977-78 the interest rate was fixed at 8%. Since then it has been continuously at 8.25 per cent or more. In the financial year 2018-19, 8.65 percent, 8.55 percent in 2017-18, 8.65 percent in 2016-17 and 8.8 percent interest was available in the financial year 2015-16.
How to check after money transfer
A deduction of 12% on the salary of an employee is made for the EPF account. 8.33 percent of the deduction made by the employer in the salary of the employee reaches the EPS (Employee Pension Scheme), while 3.67 percent reaches the EPF. To get information about the interest money coming in your account, the government has provided many options.
Via SMS
To check balance through SMS, send the message ‘EPFOHO UAN ENG (if you want information in Hindi, write HIN instead of ENG)’ to 7738299899. You will get the balance information in the reply.
Via website
Go to the website of EPFO. Select ‘For Employees’ from the dropdown of ‘Our Services’. After this click on Member Passbook. Now login with the help of UAN Number and Password. Now choose PF Account and you will see the balance as soon as you open it.
Through UMANG App
You can also check PF balance through Umang App. For this, if you have a smartphone, open the Umang app and click on EPFO. Now click on Employee Centric Services and after that click on View Passbook and enter UAN and password. Enter the OTP received on the registered mobile number and your PF balance will be displayed.
