Employees’ Provident Fund Organisation (EPFO) had declared an 8.25% interest rate for the financial year 2024-25 in February 2024. However, many EPF account holders still haven’t seen the interest added to their passbooks. Because of this delay, people are asking — will they lose any interest? Will next year’s compound interest be lower because of this?
Will You Get Less Interest Due to a Delay in Credit?
Let’s understand this with a simple example. If a bank gives you interest on time, then next year, you earn more interest on that total amount. This is called compound interest. If the interest is added late, your money doesn’t earn extra interest for that delayed time. That is where the doubt comes in. Is the same thing happening with EPF?
However, with EPFO, the rule is different. Even if they credit the interest late, you do not lose anything. Interest is always calculated based on your monthly contributions from the start of the financial year. So, whether the entry is made in April or August, the amount will include full interest from every month’s deposit.
What EPFO Has Said About the Delay
The EPFO has clearly stated on social media that the interest is being calculated and will be credited soon. They also said full interest will be paid, and no one will suffer any loss. On 14 March 2024, EPFO responded to a user on X (formerly Twitter) and said the process is ongoing and members will receive the complete interest whenever it is credited.
The EPF Scheme 1952, Para 60 also confirms that interest is calculated monthly but credited annually. So, a delay in showing interest in the passbook does not affect your earnings.
What Happens If You Haven’t Transferred Your EPF to a New Employer?
If you have changed jobs and haven’t transferred your EPF to your new employer’s account, your old PF account will still earn interest, as long as the account remains active or the transfer is being processed. You will not lose your interest benefits in such a case.
4 Easy Ways to Check Your EPF Balance
If you’re waiting to see the interest or want to check your PF balance, you can do it using any of these methods:
1. Umang App
- Download and open the Umang app
- Register with your mobile number
- Go to the EPFO section
- Click on View Passbook
- Enter your UAN and OTP
- Your balance and interest will be displayed
2. EPFO Website
- Visit www.epfindia.gov.in
- Click on Member Passbook
- Log in using your UAN and password
- View monthly contributions, interest, and total balance
3. SMS
- Send an SMS to 7738299899 from your registered mobile number
- Format: UAN EPFOHO ENG for English
- You can also use language codes like HIN for Hindi
Note: Your UAN must be linked with Aadhaar, PAN, and a bank account
4. Missed Call
- Give a missed call on 011-22901406
- From your registered mobile number
- You will receive an SMS with your latest EPF balance
EPFO assures that no PF member will face a loss due to interest delay, and the full interest will be credited per the rules.
Sources: EPFO, ABP Live
