EPFO: Likely to Credit the Interest before Diwali

The Employees' Provident Fund Organization (EPFO) is likely to credit the interest on provident fund deposits for the financial year 2020-21 soon. More than 6 crore employees will get this benefit by the end of this month, ahead of Diwali, as per the reports. In lieu of Covid-19 pandemic in the country, the EPFO had reduced the interest rate to a seven-year low of 8.5% for 2019-20 in last March. However, the interest rate was 8.65% in 2018-19. Whereas, the EPFO had provided 8.55% interest rate to its subscribers for 2017-18. 

The ministry said in a statement, "To support its subscribers during the second wave of COVID-19 pandemic, EPFO has now allowed its members to avail second non-refundable COVID-19 advance. The provision for special withdrawal to meet the financial need of members during pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY)."  

The ministry also said, "During the difficult time of COVID-19 pandemic, EPFO is committed to provide a helping hand to all its stakeholders." 

Finance minister Nirmala Sitharaman announced in Budget 2021, "In order to rationalize tax exemption for the income earned by high income employees, it is proposed to restrict tax exemption for the interest income earned on the employees' contribution to various provident funds to the annual contribution of ₹2.5 lakh." 

Steps to Check PF Balance 

- Check PF balance via SMS 

EPFO members with an universal account number (UAN), can send "EPFOHO UAN ENG" to 7738299899 from their registered mobile number. When the SMS is successfully sent, the member will get a message containing information about the EPF account including PF account balance. 

- Check Via Missed Call 

One can also check about your EPF balance by giving a missed call to the authorized phone from your registered mobile number. This service is only available if one has integrated UAN with your KYC details.