PF Account: ​​​​​​​PF account holders will soon get good news!

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PF Account: The government had increased the interest rate on PF amount for the last financial year by 10 basis points to 8.25 percent. Now it is expected that the interest money will be transferred to the account by the government soon.

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EPF Interest Rate: If you are also a salaried class then this news is of your use. In February 2024, the Employees Provident Fund Organization (EPFO) announced to increase in the interest rate on the Provident Fund for the financial year 2023-24. EPFO ​​increased the interest rate from 8.15% last year to 8.25% for 2023-24. But till now the EPF interest for the financial year 2023-24 has not been given by the government. In such a situation, many people are keen to know when the EPF interest will be available.

The process of depositing interest is ongoing.

Recently, an EPF member had asked a question on the social media platform X regarding interest. In response to the question, EPFO ​​said that the process of depositing interest is going on. Money may appear in your account very soon. Whenever the interest is deposited, its full payment will be made in one go. You will not suffer any loss regarding interest. Sources say that the interest received on EPF from the government can be transferred after the budget i.e. 23 July.

Facility to withdraw money online and offline

By the end of the financial year 2023-2024, interest for the financial year 2022-23 was deposited by the EPFO ​​​​in the accounts of 28.17 crore members. The Employees' Provident Fund (EPF) is often known as PF (Provident Fund). It is an important savings and pension plan for working employees. When the employee retires, he gets the money from this fund. Claims for withdrawal or transfer of funds can be filed on behalf of the EPF member both online and offline.

12% has to be deposited in the EPF account

Employee Provident Fund (EPF) is an essential saving scheme for salaried-class employees in companies with 20 or more employees. Under the EPF and MP Act, the employee has to deposit 12% of his monthly income in the EPF account, apart from this, the same amount is deposited by the company. The entire contribution made by the employee is deposited in the EPF account, but out of the money deposited by the company, 3.67% is deposited in the EPF account. The remaining 8.33% goes to the Employee Pension Scheme (EPS).

What is the interest rate?

The interest rate of the Employees Provident Fund (EPF) for the financial year 2023-2024 has been increased from 8.15% to 8.25% recently. This means that now you will get more interest on the amount deposited in your EPF account. According to PIB, the EPF Board had recommended distributing a record amount of Rs 1.07 lakh crore in the accounts of the members last year.