The Employees' Provident Fund Organisation (EPFO) is poised to maintain the Employees' Provident Fund (EPF) interest rate at 8.25% for the financial year 2024-25. This decision is anticipated during the Central Board of Trustees (CBT) meeting scheduled for February 28, 2025.

Historical Context of EPF Interest Rates

Over the past few years, EPF interest rates have seen modest fluctuations:

  • 2021-22: 8.1%
  • 2022-23: 8.15%
  • 2023-24: 8.25%

The consistent rate of 8.25% over the past year reflects EPFO's commitment to providing stable returns to its members.

Implications for EPF Members

For the estimated six crore EPFO subscribers, the sustained 8.25% interest rate ensures continued growth of their retirement savings. Both employees and employers contribute 12% of the employee's basic salary and dearness allowance to the EPF, fostering a substantial corpus over time.

How to Check Your EPF Balance

Staying informed about your EPF balance is crucial for effective financial planning. Here are several methods to access your account information:

  1. UMANG App: Download the UMANG app, register with your mobile number, and navigate to the EPFO section to view your passbook.

  2. EPFO Portal: Visit the EPFO member portal, log in using your Universal Account Number (UAN) and password, and access your passbook.

  3. SMS: Send an SMS with the text "EPFOHO UAN ENG" to 7738299899 from your registered mobile number.

  4. Missed Call: Give a missed call to 011-22901406 from your registered mobile number to receive balance details via SMS.

Conclusion

The EPFO's expected decision to maintain the 8.25% interest rate for 2024-25 underscores its dedication to providing reliable returns for its members' retirement savings. Subscribers are encouraged to regularly monitor their EPF accounts using the methods outlined above to stay updated on their savings and plan effectively for the future.