EPF interest for FY2017-18 credited
New Delhi: The Employees’ Provident Fund Organisation (EPFO) has credited the interest on EPF accounts for the financial year 2017-18 after a delay of nearly two months. All members of EPFO have got an interest rate of 8.55 per cent on their Employees’ Provident Fund (EPF) deposit.
Interest on EPF deposit is calculated on monthly increasing balance basis. For example, if at the beginning of the financial year FY18, your EPF balance was Rs 2 lakh, then you will get an interest rate of 8.55 per cent on the entire Rs 2 lakh and an interest rate of 0.7125% (8.55% divided by 12) for every monthly contribution for the remaining months of the financial year. Suppose your monthly contribution (employer+employee) to your EPF is Rs 2,500, then for the contribution of April 2018, you will get 0.7125% interest every month for the remaining 11 months and for the contribution of May 2018, you will get interest for the remaining 10 months.
An employee contributes 12 per cent of his basic salary to the EPF kitty, while 3.67 per cent of his/her basic salary is contributed by the employer in the EPF kitty and 8.33 per cent in the EPS or employe’s pension scheme. So, it is important that you track your EPF balance every month and ensure that your and your employer’s contributions are deposited in your EPF account. EPFO or the PF body has made it easier for its members to check their EPF balance, passbook and interest credit online.
How to check your EPF balance/passbook on desktop
EPFO members can check their EPF balance and statement and interest credit on a desktop by logging on to the official website of EPFO. Here is how to do that:
1) Open the EPFO site. On the right-hand top of the home page, you will find an “e-Passbook” tab.
2) If you click on the tab, it will redirect you to another page, where you can check your EPF balance by entering your user name (UAN), password and a captcha displayed on the screen.3) Once you log in, on the home page it will show you the member accounts linked to your UAN. Select the member account for which you want to view the passbook. Your passbook will be displayed on the screen. You can also print/download your passbook from this site.
If you are logging on to this site for the first time, then your passbook will be available after 6 hours of login. Those members, who have already registered on the Unified Member’s Portal can view their EPF passbook through this site.
Here is how you can check your EPF balance through your smartphone
Step 1: Download the Umang app from the app store. It is available for both Andriod as well as iOS users. This app has a host of services provided by the (EPFO). Once you have downloaded the app, open it.
Step 2: Once you have opened the app, you will get receive an OTP on the phone. Enter the OTP in the app to register yourself.
Step 3: You will then be asked to link your Aadhar number but you can choose not to do it. Linking Aadhaar number in the app is mandatory if you want to place a claim or transfer request through this app.
Step 4: Once the app is set up, you will see ‘EPFO services’ option on the home page. Tap on that and you will be directed to another screen.Step 5: You will see a ‘general services’ option on the screen. Once you tap on it, you will see options like Search Establishment, Search EPFO Office, Know Your Claim Status, Account detail on SMS, Account details on Missed Calls.Step 6: Click on ‘Account detail’ on SMS to receive your EPF account details on your phone.