EPFO will'very soon' credit members' accounts with interest for FY24

EPFO will'very soon' credit members' accounts with interest for FY24

The retirement fund organization claimed that it has credited the interest to the bank accounts of 28.17 crore members for the fiscal year 2022–2023.

In the previous year, EPFO increased the interest rate on deposits from 8.15 percent to 8.25 percent.

On April 24, the Employees' Provident Fund Organization (EPFO) announced that it is now assigning higher interest rates to provident fund deposits made in the fiscal year 2023–2024.

The EPFO increased the interest rate on deposits from 8.15 percent to 8.25 percent in FY24. Due to expectations that it would be bigger than FY23, fund members are anxious to receive the enhanced payout for FY24.

In response to a member's inquiry on social networking site X, the EPFO said, "The procedure is being developed and could be visible there in the near future." The interest will accrue and be paid in full whenever it is credited. Nothing would make them lose interest.

The retirement fund organization claimed that it credited the interest to the bank accounts of 28.17 crore members for the fiscal year 2022–2023.

"Dear member, as of right now, 28.17 crore EPFO member accounts have received the interest for the Financial Year 2022–2023. It stated on X, "If you are experiencing an excessive delay, please register your grievance at http://epfigms.gov.in."

The retirement organization said this Monday that, on a net basis, it gained 15.48 lakh members in February 2024. In February 2024, almost 7.78 lakh people had signed up for the fund for the first time, according to a statement from the labor ministry.

The statement claims that the majority of new members in February, or 56.36 percent, were in the 18–25 age bracket based on payroll statistics.

You may check your EPF balance by calling or texting, or by visiting the EPFO website. To check your balance, follow these instructions.