EPFO Passbook Check: Statutory body Employees’ Provident Fund Organization has started the process of depositing interest in Employees’ Provident Fund (EPF) accounts. EPFO has assured the beneficiaries that the interest will be credited in full and there will be no loss. That said, EPF subscribers may soon see their interests reflected in their accounts.
The way to check whether the Employees’ Provident Fund Organization customers’ interest has been credited to your PF account or not – is through a passbook where your provident fund balance details are displayed. The passbook can be availed online from the EPFO website. Last month on October 31, EPFO had tweeted that the process of depositing interest is on and it will be reflected in your account soon. Whenever interest accrues, it will be paid in full. There will be no loss of interest.
Employees’ Provident Fund Organization
The clarification of Employees’ Provident Fund Organization comes after the Finance Ministry in October answered questions about non-crediting of interest in PF accounts of employees. According to Finmin, there is no loss of interest for any EPFO subscriber as on October 5. The interest is being credited to the accounts of all EPF subscribers. However, this is not reflected in the statements in view of a software upgrade being implemented by the EPFO so as to be attributed to the change in tax incidence.
Check EPFO Passbook Online
- To check his passbook in Employees’ Provident Fund Organisation, a member has to visit the official website of EPFO - epfindia.gov.in.
- Then, members click on the ‘Services’ section mentioned at the top of the dashboard. Under this section click on ‘For Employees’ option.
- A new page will be opened for the employees. Click on the option ‘Member Passbook’ mentioned under ‘Services’.
- Once the ‘Member Passbook’ is selected, he/she will be directed to a login page.
- Mention your UAN details along with password and answer captcha code. Then click on ‘Login’.
- You will be directed to the main EPF account, where the interest earned is highlighted along with the details of contributions from both employees and employers. You can also print your passbook by clicking on ‘Download Passbook’.
Employees’ Provident Fund Organization
Normally, the CBT fixes the interest rate for EPF accounts by the EPFO every financial year. The rate has been vetted by the Finance Ministry later. Once FinMin gives the green signal, the rate is processed in the PF accounts for that particular financial year by the CBT and Employees’ Provident Fund Organization. CBT is under the Ministry of Labor and Employment.
EPFO Latest Update
In March this year, the CBT announced an interest rate of 8.10% for EPFO EPF accounts – the lowest since 1977-78. However, still the rate of 8.1% is beating inflation. In Employees’ Provident Fund Organization, this rate will be deposited on the deposit of EPF in the accounts of the members for the financial year 2021-22.
Employees’ Provident Fund Organization
However, interest is calculated on a monthly basis in the EPFO EPF account, however, they are credited at the end of a financial year. The transferred interest is added to the next month’s balance and then compounded to calculate the interest on that month’s balance. All the customers of Employees’ Provident Fund Organization are going to get good news soon!
