EPFO Update – The Employees’ Provident Fund Organisation (EPFO) announced an interest rate of 8.25 per cent for the financial year 2024-25 in February 2024, but the interest amount is yet to be credited to the accounts of all EPF members. Interest credit may happen later due to the administrative process.

EPF interest is credited to the accounts of EPF members only when the government issues an official notification regarding this. Sometimes, interest credit gets delayed, but does this mean you will lose money?

If there is a delay in depositing annual interest, many EPF subscribers may be worried whether due to this delay they will lose the opportunity to earn compound interest on the interest received.

Does delay in interest credit cause a loss to EPF subscribers?

As per Paragraph 60 of the EPF Scheme of 1952, interest is calculated on the monthly running balance, even if it is credited at the end of the financial year. As a result, the member does not suffer a loss in case of any delay in crediting interest to his account.

EPFO calculates interest based on the monthly running balance, ensuring that the declared rate is met on each contribution. Interest is compounded annually, so even if the credit is late, the entire amount is added to your closing balance for the year.

EPFO has on several occasions while responding to many such queries has stated that there will be no reduction in interest and whenever interest is accrued, it will accrue and will be paid in full.

What to do if you have not received interest on EPF?

If you have not received your EPF interest yet and the financial year has just ended, be patient, as you will get the interest soon. Despite the delay, EPFO makes sure to credit the interest money to its subscribers’ accounts.

Despite the delay, in most cases individuals do not lose money. Keep an eye on your EPFO passbook to see if you have received the interest. If the interest has been credited, it will be reflected on your passbook.

How to check EPF balance?

There are four ways to check account balance.

Using the Umang app

By visiting the EPF member e-Sewa portal

by giving a missed call

By sending SMS.

About the Author

Sweta Mitra

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

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