EPFO Board keeps interest rate of EPF deposits at 8.25% for 2024-25

PF interest rate for 2025: The EPFO Board announced on Friday that an 8.25 per cent interest rate has been fixed for employees' provident fund deposits for the financial year 2024-25, sources cited by news agency PTI said.  Earlier, in February 2024, the EPFO had raised the interest rate on EPF to 8.25 per cent for 2023-24, up from 8.15 per cent in 2022-23.

The interest rate was 8.15% in FY23 and 8.10% in FY22, marking a decrease from the previous fiscal year. The lowest interest rate in recent history was 8.10% in 2021-22, the lowest since 1977-78, when it stood at 8%.

Following the decision made by the Central Board of Trustees (CBT), the interest rate for EPF deposits in the fiscal year 2024-25 will be forwarded to the Ministry of Finance for approval.

Once the government gives its consent, the interest rate for EPF in 2024-25 will be deposited into the accounts of more than seven crore subscribers of the Employees' Provident Fund Organization (EPFO). EPFO announces the interest rate only after it has been approved by the government through the finance ministry.

During the fiscal year 2024-25, the retirement body processed a total of 50.8 million claims amounting to Rs 2.05 lakh crore, marking a significant increase from the previous year's 44.5 million claims worth Rs 1.82 lakh crore. The interest rate for the year 2023-24 stood at 8.25%, based on an income of Rs 1.07 lakh crore, the highest ever recorded, on a principal amount of Rs 13 lakh crore. This marked an improvement from the 8.15% interest rate in 2022-23, which was declared on an income of Rs 91,151.66 crore on a principal amount of Rs 11.02 lakh crore.

How to check your EPF balance

The interest on EPF deposits is computed on a monthly basis, with credits to accounts occurring at the conclusion of the fiscal year. Nevertheless, accounts that remain inactive for a period of 36 months cease to accrue interest and are deemed dormant.

To check your EPF balance, you can utilise various methods such as the Umang app, the EPFO portal, or a missed call service.

To use the Umang app, download the app, register with your phone number, and access services like EPF passbook, claims, and balance checks.

Alternatively, you can visit the EPFO website, navigate to the "Member Passbook" section, and log in with your UAN and password to view your EPF balance, contributions, and interest earned.

Lastly, you can simply give a missed call to 011-22901406 from your UAN-registered mobile number (ensuring your Aadhaar, PAN, and bank details are linked) to check your EPF balance effortlessly.