PF Interest Rate Increase: If you are working and have PF deductions, this update is for you. The central government is about to make a significant decision regarding PF interest rates. This change will benefit millions of PF account holders. The government plans to raise the interest rates on provident funds for the financial year 2025-2026. It is anticipated that the interest rate on PF could rise to 8.75%.
Currently, 8 crore PF account holders earn 8.25% interest, but the government is contemplating raising this to 8.75%. If this occurs, it would mean a direct increase of 50 basis points. Let’s explore who will gain the most from this.
What will the profit be?
The government currently credits your PF interest to your account on an annual basis. It is expected that a final decision on the new interest rate will be made in January. If a decision is reached in January, a lump sum will be deposited into your account. Therefore, if you have Rs 5 lakh in your account, you could see an interest benefit of Rs 40,000-42,000.
How can you check your PF balance?
If your UAN (Universal Account Number) is active, you can check your PF balance and recent contributions by sending an SMS from your registered mobile number to 7738299899. The SMS format is EPFOHO UAN. This service is available in 10 languages, including English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam, and Bengali.
If you prefer information in a language other than English, simply type the first three letters of that language after UAN. For instance, to receive information in Telugu, send an SMS like this: EPFOHO UAN TEL (number: 7738299899). This way, you can conveniently access your PF balance and contribution details in your chosen language.