EPF interest for FY2024: When will interest be credited and how to check balance

In February, the retirement fund body, the Employees’ Provident Fund Organisation announced the interest rate on employees’ provident fund for FY2023-24, which it hiked by 10 basis points to 8.25% for the last fiscal year, the highest interest rate on EPF deposits in the last three years. According to EPFO, the process is on, and employees will get EPF interest credited to their accounts shortly. As per the EPFO guidelines, “Interest is credited to the member’s account on monthly running balances basis with effect from the last day in each year in the following manner: on the amount at the credit of a member on the last day of the preceding year, less any sums withdrawn during the current year—interest for twelve months; on sums withdrawn during the current year— interest from the beginning of the current year up to the last day of the month preceding the month of withdrawal; on all the sums credited to the member’s account after the last day of the preceding year—interest from the 1st day of the month succeeding the month of credit to the end of the current year; the total amount of interest shall be rounded to the nearest whole rupee.” How can you check your EPFO balance? ONLINE: EPFO Member Passbook portal: Visit the portal, log in with UAN and enter your password, Choose the PF account, and select ‘View PF Passbook’ to see your current balance and transaction history.