The Employees’ Provident Fund Organisation (EPFO) has decided to maintain the interest rate on provident fund deposits at 8.25% for the financial year 2024-25. This decision will benefit over 7 crore subscribers, providing them with a stable return on their retirement savings.
In the previous year (2023-24), EPFO processed over 50 million claims worth Rs 2.05 lakh crore, marking an increase from 44.5 million claims totaling Rs 1.82 lakh crore in 2022-23. The interest rate for 2023-24 was based on a record Rs 1.07 lakh crore in income, with a principal of Rs 13 lakh crore, resulting in an 8.25% rate, up from 8.15% the previous year.
Historically, EPF interest rates have fluctuated, with a peak of 8.65% in 2018-19, a decrease to 8.1% in 2021-22, and recent highs of 8.75% in 2014-15. This 8.25% interest rate remains consistent with the previous year’s rate, providing subscribers with moderate yet dependable returns.
Subscribers can check their EPF balance through various methods:
- Umang App: Download, register, and access EPF passbook, claims, and balance.
- EPFO Portal: Log in using UAN and password to view the balance.
- Missed Call: Dial 011-22901406 from your registered mobile number to check your balance.
Read also: