EPFO retains 8.25% interest on PF deposits for 2024-25, benefiting 7 crore subscribers
The Good News for EPF Subscribers: EPFO Retains 8.25% Interest Rate for 2024-25
The Employees’ Provident Fund Organisation (EPFO) has made a significant announcement, retaining the interest rate on provident fund deposits at 8.25% for 2024-25, sources have revealed. This welcome move is expected to benefit over 7 crore subscribers across the country, many of whom are eagerly awaiting this decision.
What does it mean for EPF Subscribers?
The interest rate on provident fund deposits has always been a topic of great interest among professionals and employees. With this decision, EPFO has cleared any uncertainty for the upcoming financial year, ensuring that 7 crore subscribers can go about their lives with a clear understanding of their financial prospects. The 8.25% interest rate is based on a deposit of Rs 13 lakh crore, which is the highest ever recorded.
A Look at the EPF Interest Rate History
EPF interest rates have shown fluctuations over the years, with 8.65% in 2018-19, 8.5% in 2019-20, and 8.1% in 2021-22, indicating a downward trend. However, the highest recent rates were 8.8% in 2015-16 and 8.75% in 2013-14 and 2014-15. The current 8.25% rate for 2024-25 is a welcome respite for subscribers, who anxiously await each year’s interest rate announcement.
How to Check EPF Balance: Umang App, EPFO Portal, and Missed Call
EPF subscribers can easily check their balance, contributions, and interest earned using the following methods:
- Umang App: Download the Umang app, register with your phone number, and access services like EPF passbook, claims, and balance checks.
- EPFO Portal: Visit the EPFO website, go to the "Member Passbook" section, and log in with your UAN and password to view your EPF balance, contributions, and interest earned.
- Missed Call: Give a missed call to 011-22901406 from your UAN-registered mobile number (ensure Aadhaar, PAN, and bank details are linked).
Key Points on PF Deposit Interest Rate for 2024-25
- Retained Interest Rate: EPFO has maintained the 8.25% interest rate on employees’ provident fund (EPF) deposits for 2024-25.
- Previous Year’s Rate: The interest rate was raised to 8.25% in 2023-24, up from 8.15% in 2022-23.
- Lowest in Four Decades: In 2021-22, the interest rate was lowered to 8.1%, the lowest in over 40 years, from 8.5% in 2020-21.
What’s Next?
The EPFO’s Central Board of Trustees (CBT), comprising representatives from employers, employees, state governments, and labour ministry officials, finalizes the proposed interest rate. However, the finance ministry must approve it before it is officially notified and credited to subscribers, typically in the second half of the following year.
In conclusion, the EPFO’s decision to retain the 8.25% interest rate on PF deposits for 2024-25 is a positive step towards ensuring financial security and stability for millions of subscribers across the country. As the economy continues to evolves, it is essential for the EPFO to remain proactive in its decisions, taking into account the needs of its subscribers. With this announcement, 7 crore subscribers can breathe a sigh of relief, knowing that their hard-earned savings are being looked after by a responsible and transparent organization like the EPFO.
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