EPFO to credit interest for FY24 to members' accounts 'very shortly'

EPFO had hiked the interest rate on deposits to 8.25 percent for FY24 from 8.15 percent during the previous year

The Employees' Provident Fund Organisation (EPFO) on April 24 said it is in the process of allocating increased interest for the provident fund deposits made during the financial year 2023-24.

EPFO had hiked the interest rate on deposits to 8.25 percent for FY24 from 8.15 percent during the previous year. Members of the fund are eagerly awaiting the payment of the increased amount for FY24 as it is expected to be higher compared to FY23.

Responding to a member’s query on social media platform X, the EPFO said, “The process is in the pipeline and may be shown there very shortly. Whenever the interest will be credited, it will be accumulated and paid in full. There would be no loss of interest.”

For the financial year 2022-23, the retirement fund organisation said it credited the interest to the accounts of 28.17 crore members’ banks.

“Dear member, the interest for Financial Year 2022-23 has been provided to 28.17 crore members accounts of EPFO as on date. If you are facing any inordinate delay, then you are requested to register your grievance on http://epfigms.gov.in,” it said on X.

Last week, the retirement body had said it added 15.48 lakh members on a net basis in February 2024. Around 7.78 lakh members had enrolled for the first time with the fund in February 2024, a labour ministry statement had said.

According to the statement, members in the 18-25 age group dominated the payroll data and formed 56.36 percent of the total new members in February.

EPF balance can be checked though the website of EPFO or by sending a message or a missed call. You can check the steps here to check your balance.