Centre approves 8.25% interest rate on employees’ provident fund deposits for FY 2024–25
The central government has approved an interest rate of 8.25 per cent on Employees’ Provident Fund (EPF) deposits for the fiscal year 2024–25, an official confirmed to PTI on Saturday.This rate was recommended earlier this year by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO). The decision is expected to benefit over 7 crore salaried employees across India.The approved rate remains unchanged from 2023–24, when EPFO credited 8.25 per cent based on an all-time high income of Rs 1.07 lakh crore earned on a principal corpus of Rs 13 lakh crore. In comparison, the interest rate for 2022–23 was 8.15 per cent, declared on an income of Rs 91,151.66 crore from a principal base of Rs 11.02 lakh crore.EPFO has also made significant operational strides, achieving a record 2.16 crore auto-claims settlements as of March 6, 2025, in the current financial year—up from 89.52 lakh in 2023–24.The EPF interest rate is proposed each year by the EPFO’s Central Board of Trustees (CBT), which comprises representatives from employees, employers, state governments, and the Ministry of Labour. The proposal requires final approval from the Ministry of Finance before the rate is notified and credited to members, typically in the latter half of the financial year.Over the last decade, EPF interest rates have tracked broader economic movements. The rate stood at 8.65% in 2018–19, 8.5% in 2019–20, and dipped to 8.1% in 2021–22—the lowest in more than 40 years—before being increased in the last two fiscal years.How to check your EPF balance:Via UMANG App: Download the UMANG app, register using your mobile number, and access the EPFO services section to view your balance and passbook.Via EPFO Portal: Visit www.epfindia.gov.in, log in using your Universal Account Number (UAN) and password under the ‘Member Passbook’ section.Via Missed Call: Give a missed call to 011-22901406 from your UAN-registered mobile number. Ensure your Aadhaar, PAN, and bank account details are updated and linked to your UAN.
