It’s finally happening. The Employees’ Provident Fund Organisation (EPFO) has officially begun the process of crediting 8.25% interest for FY24 into subscribers’ accounts this week. So if you’ve been refreshing your passbook and wondering “Kab milega paisa?” — this is your cue to check.
Let’s be real, with over 29 crore EPF accounts and crores of working Indians relying on that interest income, this year’s update is coming in hot.
“Interest is being credited gradually,” says Labour Ministry
In a note released earlier this week, the Labour Ministry confirmed:
“The interest crediting process is underway and will reflect in member passbooks in phases. No need to panic.”
If you don’t see it right away, breathe. It usually takes a few days to show up across regions.
What’s the buzz about 8.25% interest?
To recap — earlier this year, the EPFO’s central board recommended an 8.25% interest rate on EPF deposits for FY 2023-24. The Ministry of Finance officially approved the rate in June, and now it’s finally hitting accounts.
Just to give you perspective:
| Financial Year | EPF Interest Rate |
| 2021-22 | 8.10% |
| 2022-23 | 8.15% |
| 2023-24 | 8.25% |
A 10-basis-point hike might not sound dramatic, but when you compound that on large balances — it adds up.
Here’s how to check if the EPF interest has hit your account
You don’t need to visit the office or make any calls. Just pick one of these five super-easy methods to check your balance:
1. EPFO Website
- Visit epfindia.gov.in
- Click on “Our Services” → “For Employees” → “Member Passbook”
- Log in with your UAN and password
- View balance and recent credits
2. UMANG App
- Download UMANG app on Android or iOS
- Sign in and link your UAN
- Tap on “EPFO” → “Employee Centric Services” → “View Passbook”
3. SMS
- Send EPFOHO UAN ENG to 7738299899
- You’ll receive an SMS with your current PF balance
Note: Ensure your UAN is seeded with your Aadhaar, PAN, and bank account.
4. Missed Call
- Dial 9966044425 from your registered mobile
- You’ll get a balance update via SMS
5. PF Passbook via Portal
- You can also log into the passbook portal directly
- Make sure your UAN is activated
Why does this matter right now?
Let’s be honest — the cost of living isn’t getting cheaper. While fixed deposits and mutual funds fluctuate, EPF has been one of the most stable and tax-friendly long-term savings tools for salaried Indians.
Also, with the buzz around new pension reforms and private PF trust transfers, your EPF interest becomes a key part of your financial planning.
No, your EPF money isn’t stuck or gone
Myth: “If I don’t see the interest right now, it means my PF isn’t earning.”
Truth: Interest is calculated monthly but credited yearly. Even if you quit your job, the balance keeps earning interest (as long as it’s not withdrawn).
When will everyone see the interest?
According to an official quoted in ET:
“The crediting process is phased, based on regional zones and data reconciliation. Most members will see it reflected by mid-July.”
So yeah — patience is key.
Is EPFO becoming more transparent now?
Surprisingly, yes. Over the past two years, EPFO has made big strides in digitization, e-KYC, and better grievance redressal. They’ve also hinted at integrating with AI-based fraud detection tools and direct linkages with NPS-like dashboards.
Final Thoughts
If you’re part of the 6-crore-plus salaried population under EPFO, this 8.25% interest boost is a win. It beats most fixed deposit returns, offers tax perks under 80C, and adds a safety net to your retirement corpus.
Just remember — keep your UAN activated, KYC updated, and don’t fall for third-party apps claiming PF updates. Stick to official portals and check once every few days till the interest reflects.
FAQs: All You Need to Know About EPF Interest 2023-24
1. Has EPFO started crediting interest yet?
Yes, EPFO began the interest credit process this week. It will reflect in phases.
2. What is the interest rate for FY24?
The approved rate is 8.25%, higher than last year’s 8.15%.
3. How do I check my EPF interest?
Use the EPFO portal, UMANG app, SMS, missed call, or passbook login.
4. Why isn’t my interest showing yet?
It’s being credited region-wise. Wait a few more days and check again.
5. Will I lose interest if I changed jobs or quit?
No, your account continues to earn interest till withdrawal, even if inactive.
6. Is EPF interest taxable?
Only if your yearly PF contribution (employee + employer) exceeds ₹2.5 lakh.
7. Can I get alerts when EPF interest is credited?
Yes, if your UAN is linked with your mobile number and KYC is done.
8. What if I see incorrect balance or delays?
Raise a grievance at epfigms.gov.in or visit your regional office.
9. Is there a mobile app for balance check?
Yes, the UMANG app supports real-time EPF services.
10. Can I withdraw the interest now?
Interest is added to your balance, which you can withdraw per EPF rules (retirement, job loss, etc).