EPFO may fix 8.25% as PF deposits interest rate for 2024-25; check interest rates over the years and other key details

The Employees' Provident Fund Organisation (EPFO) is likely to fix the interest rate on employee provident fund (PF) deposits for the current financial year (2024-25) close to 8.25% at its upcoming central board of trustees (CBT) meeting on February 28, The Economic Times reported citing individuals aware of the matter. For FY24 (2023-24), the interest rate was set at 8.25%.

How is the interest rate for PF funds set?

For interest rates on PF deposits to be finalised for a given financial year, a suggestion has to be made by the EPFO, which goes for approval to the CBT. As a final step, the finance ministry has to approve the rate before it is notified to the beneficiaries. After all the necessary approvals, the interest rate will be credited to the accounts of the EPFO subscribers. The EPFO currently has over 65 million subscribers.

PF interest rates: A brief history

In February 2024, the PF organisation (EPFO) increased the interest rate to 8.25% for FY24, the highest in the preceding three years. A year before that in March 2023, the rate was increased to 8.15% for FY23 from 8.10% for FY22. The 8.1% rate set in March 2022 for FY22 was the lowest interest rate seen since 1977-78 when it was 8%.

The PF body reduced the interest rate to a seven-year low of 8.5% in March 2020 for FY20, down from 8.65% set in 2019.

How to check EPF balance?

• Register on the Umang application on your smartphone using your phone number to check PF balance. You can access many services on the app including submission of claims, viewing passbook, etc.

• Go to EPFO website and access the PF passbook by entering your Universal Account Number (UAN) and password. EPF balance can be checked in the passbook.

• If you’re a registered user on the UAN site, you can give a missed call from your registered mobile number to 011-22901406 to check your balance.

• To check balance as a registered UAN site user, you can message UAN EPFOHO ENG to 7738299899. To check the balance in Marathi, you can send an SMS saying EPFOHO UAN MAR to the same number.