New Delhi: If you’re an employee whose provident fund (PF) contributions are deducted from your salary, the government is considering some good news. The central government may increase interest rates for the financial years 2025 and 2026. There are discussions that the central government might increase the interest rate to 8.75 per cent. Previously, the interest rate was 8.25per centt.
This decision by the government will benefit approximately 8 crore PF subscribers. The interest rate could be increased by up to 0.5 per cent. This increase will be a relief for PF employees. The government finalises the interest rate before presenting the Union Budget. Currently, neither the EPFO nor the Ministry of Labour and Employment has made any official statement.
50 Basis Point Increase Possible
The central government had provided an interest rate of 8.25 per cent to PF employees for the financial years 2024 and 2025. Now, the proposed change could see an increase of 50 basis points in the interest rates. The government credits interest to PF accounts every year. This could provide a significant benefit to employees. The interest amount will be transferred to your account based on your total fund balance.
How much interest on ₹6 lakh in PF?
If you are an EPFO member and have ₹6 lakh in your PF account, you will receive substantial interest at 8.75per centt. At this interest rate, you could receive approximately ₹49,000. A large number of PF employees will benefit from this.
This is likely to be finalised at the meeting of the Central Board of Trustees of EPFO. PF employees in private companies are eagerly awaiting this announcement from the government. You can easily check the interest amount in your account.
How to check your balance
First, download the UMANG app from the Play Store.
Then, you will need to log in using your UAN and password.
You will then easily find your balance and claim information.
Besides this method, you can also easily get PF balance information through a missed call and SMS. You just need to follow a few steps.