EPFO: If your PF is deducted, rejoice! ₹52,000 is about to be credited to your account! Here's the update
The government may increase the interest rate on PF to 8.75% this time. This means that if you have ₹6 lakh in your account, you could earn up to ₹52,000 in interest. This is expected to be approved in January.
According to discussions emerging from the corridors of the EPFO, the central government may give employees some good news regarding interest rates this time.
An increase in interest rates is expected for the financial year 2025-26, which will directly benefit the interest earned on your deposits.
Will the 8.75% interest rate be approved?
Currently, the biggest question on the minds of PF account holders is how much interest they will receive on their deposits this year. Sources and market experts suggest the government may increase interest rates to 8.75% this year.
It's worth noting that the central government provided an 8.2% interest rate for the financial year 2024-25, which has already been credited to employees' accounts.
Now, the expectation of higher rates for the new financial year has boosted employees' enthusiasm. While no official announcement has been made by the government yet, it's believed a final decision could be made in January.
How to get Rs 52,000?
A potential increase in interest rates will directly impact your PF balance. If we analyze the figures, an employee with approximately ₹6 lakh in their PF account could earn approximately ₹50,000 to ₹52,000 in interest at an 8.75% rate. Meanwhile, someone with ₹5 lakh in their account could earn approximately ₹42,000 in interest.
This amount will be directly credited to your retirement fund, allowing your savings to grow rapidly. Nearly 80 million PF account holders across the country are eagerly awaiting this decision.
The proposal is likely to be discussed at the upcoming meeting of the EPFO's Central Board of Trustees (CBT), after which the interest rates will be approved.
Check your balance like this
You can check your balance by simply giving a missed call from your registered mobile number to 9966044425. Once you call, you will receive your PF balance and last contribution details via SMS shortly.
Alternatively, you can also check your balance via SMS. Send a message from your registered mobile number to 7738299899. In the message box, type "EPFOHO UAN" (in English). You will then receive the information in your preferred language (e.g., Hindi, Tamil, Telugu, etc.).