How to Check PF Balance: Usually EPFO starts adding interest to the Provident Fund accounts after fixing the interest rate by the government. The interest for the last financial year was not showing in the deposit statements, after which more than 5 crore subscribers were worried.
EPFO News: Employees’ Provident Fund Organization (EPFO) has resolved a major concern of thousands of employees. The EPFO said that it has started releasing interest for the financial year 2021-22 and the employees will not face any kind of loss.
In June this year, for more than 5 crore subscribers, the government had fixed the interest rate at 8.1 percent for the financial year 2021-22. Usually, the EPFO starts adding interest to the Provident Fund accounts after fixing the interest rate by the government. Interest for the last financial year was not showing in the deposit statements, after which more than 5 crore subscribers were worried. He was afraid that he would not get his interest share.
Now EPFO has given this information by tweeting. It said, “The process of release of interest is underway and it will soon be reflected in your account. Whenever interest is credited, it will be paid in full. There will be no loss of interest.” EPFO has given this statement on a tweet regarding delay in credit.
In October, the finance ministry confirmed that the interest was being credited but it was not visible in the account statement. The finance ministry had called it a software glitch. The ministry had said that the payment has been made, which includes interest. This was for all the subscribers who were seeking withdrawal or settlement. Employees’ Provident Fund is one of the safest savings schemes that offer higher returns as compared to other safe investment options like bank fixed deposits. It is a popular scheme especially among small savers, as a particular portion of the monthly deposit is earmarked for pension benefits. In addition, customers can enjoy tax benefits on their deposits. But the interest rate of 8.1 percent is the lowest for the last financial year. The interest rate has come down significantly in the last few years.
