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Festive bonanza! EPFO may credit first instalment of 8.5% interest by Diwali

The decision to divide the 8.5 per cent interest in two instalments was taken due to market volatility that affected the EPFO's income from equity investments

twitter-logoBusinessToday.In | October 10, 2020 | Updated 14:45 IST
Festive bonanza! EPFO may credit first instalment of 8.5% interest by Diwali
EPF first instalment by Diwali

Employees' Provident Fund Organisation (EPFO) is likely to credit the first instalment of the 8.5 per cent interest to its subscribers by Diwali. The first of the two instalments for the financial year 2019-20 that is likely to hit the accounts by Diwali would be for 8.15 per cent.

The rest of the 0.35 per cent is likely to be credited in another instalment which is scheduled to hit the accounts by December, stated a report in Hindustan Times. The EPFO central board in September had decided to pay interest for 2019-20 in two installments.

The decision to divide the 8.5 per cent interest in two instalments was taken due to market volatility that affected the EPFO's income from equity investments. The government-managed fund then recommended that the interest rate be divided into 8.15 per cent and 0.35 per cent, the first of which would be immediately credited to the accounts of 50 million subscribers. The balance of 0.35 per cent, it was decided, would be credited in December from the sale of investment in exchange-traded equity funds.

"It (8.50 per cent interest) would comprise 8.15 per cent from debt income and balance 0.35 per cent (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020," the statement had said.

Also read: EPFO to pay interest in two instalments; raises deposit linked insurance benefits to Rs 7 lakh

Here's how to check your account balance via text, phonecall and online:

If your UAN number is registered with the EPFO then you could easily check the PF balance via text. All you need to do is send 'EPFOHO' to 7738299899 to get the details.

In case you want the information in Hindi, then you will have to send 'EPFOHO UAN' to the same number.

You can give a missed call to 011-22901406 through your registered mobile number. You will then receive the PF details through message. However, your UAN, PAN and Aadhaar must be linked for this option.

You can also access the passbook through the EPFO website. You will need to log in on the website and click on the e-passbook option. Once you fill your username, password and the captcha code, you can select the member ID for the balance. The EPF passbook would reflect the balance. 

Not only English and Hindi, subscribers would be able to get the details of their account balance in Punjabi, Kannada, Telugu, Malayalam, Marathi and Bengali as well. To check your EPFO balance, keep your UAN handy. UAN should be linked to the permanent account number (PAN) and Aadhaar card.

Also read: EPF relief for employers! Govt to continue EPFO contribution for 3 months; PF contribution cut to 10%

Also read: COVID-19 badly hit salaried class; Rs 39,400 crore withdrawn from provident fund in 5 months

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