EPFO Interest Rate: No Change, Remains Stable at 8.25% !

EPFO Interest Rate: No Change, Remains Stable at 8.25%

EPFO Interest Rate: No Change, Remains Stable at 8.25% !

Introduction
EPFO Interest Rate Update for 2024-25
EPFO’s Record Payment and Growth
How to Check Your EPF Balance
Conclusion

Introduction

The Employees' Provident Fund Organisation (EPFO) plays a crucial role in securing the financial future of millions of employees in India. Every year, the EPFO revises its interest rates based on financial trends, ensuring employees get a fair return on their savings. The latest update for the financial year 2024-25 brings some stability, as the interest rate remains unchanged.

EPFO Interest Rate Update for 2024-25

In its latest meeting, the Central Board of Trustees (CBT) of the EPFO decided to keep the interest rate on Employees' Provident Fund (EPF) unchanged at 8.25% for the financial year 2024-25. According to the news agency PTI, this decision was made on Friday and will now be sent to the Ministry of Finance for approval. Once the government gives its nod, the revised interest rate will be credited to the EPF accounts of over 7 crore account holders across the country.

The decision to keep the interest rate stable ensures consistent returns for salaried employees. The 8.25% rate is in line with previous trends and offers a secure and reliable investment for long-term financial growth.

EPFO’s Record Payment and Growth

The financial year 2024-25 has been significant for the EPFO in terms of claims processed and payments made. Here are some key figures:

EPFO settled 50.8 million (5.08 crore) claims, distributing ₹2.05 lakh crore to beneficiaries.
This marks an increase compared to the 44.5 million (4.45 crore) claims and ₹1.82 lakh crore disbursed in 2023-24.
EPFO recorded its highest-ever earnings of ₹1.07 lakh crore in 2023-24, a significant rise from ₹91,151.66 crore in 2022-23.

These figures highlight EPFO's growing efficiency in managing employee funds and ensuring timely settlements.

How to Check Your EPF Balance

Knowing your EPF balance helps in better financial planning. The interest is added monthly but credited at the end of the financial year. If an account remains inactive for 36 months, the interest credit stops. Here are some easy ways to check your EPF balance:

Using the Umang App

Download the Umang App from the Google Play Store or Apple App Store.
Register with your mobile number.
Navigate to the "EPF Passbook" section.
Check your balance and interest details.

Through the EPFO Portal

Visit the official EPFO website.
Click on "Member Passbook".
Log in with your UAN (Universal Account Number) and password.
View your EPF balance, contributions, and interest details.

Via Missed Call Service

Give a missed call to 011-22901406 from your UAN-registered mobile number.
Receive an SMS with your balance details.
Ensure your mobile number is linked to your Aadhaar for this service to work.

Conclusion

The EPFO’s decision to keep the 8.25% interest rate unchanged for 2024-25 provides stability to millions of employees relying on provident fund savings. The organization has shown strong financial growth, with record-high earnings and increased settlements. Checking your EPF balance is now easier than ever, ensuring you stay informed about your financial future. Keep track of further updates as the Ministry of Finance approves this decision and the interest is credited to your account.