Currently, 8.15 percent interest is being received on EPF.
EPF members can know their PF last contribution and total balance through missed call, SMS and UMANG app
employees provident fund (EPF), which is open only to employees or salaried employees working in companies or business establishments registered under the EPF Act, is a retirement fund that is deducted every month from the salary of the employees during their tenure. Right now 8.15 percent interest is being received on this. if you want to check your EPF Balancing, here’s a step-by-step guide:
via missed call
Give a missed call on 9966044425 from your registered mobile number. If the member’s UAN is linked with your bank account number, Aadhaar and PAN, you will get the details of last contribution and PF balance.
via SMS
Send SMS to 7738299899 from your registered mobile number.
From “EPFOHO UAN” to 7738299899.
through umang app
You can also check your EPF balance on UMANG app.
EPF Withdrawal
Although EPF is a retirement fund that is paid to employees as pension after retirement, employees can also make withdrawals under certain conditions. An EPF account holder is allowed to withdraw up to 75 per cent of the amount after one month of unemployment and the remaining 25 per cent can be withdrawn after two months of unemployment.
If you want to submit EPF withdrawal claim, you must consider the following factors to avoid rejection. Here are the reasons for rejection of EPF withdrawal:
Wrong details
One of the main reasons for rejection of withdrawal claim is that the details provided do not match with the records available with EPFO. The name and date of birth of the claimant should match with the EPFO records.
Incomplete KYC
It’s a reason even if the description is accurate. EPFO reserves the right to reject the withdrawal claim if your KYC details are not complete and verified. Therefore, it is suggested to complete the KYC formalities before applying for withdrawal, to avoid repeated rejection or delay in requests.
Aadhaar and UAN are not linked
For withdrawal purposes, it is necessary to link Aadhaar and UAN, without which the request may be rejected by EPFO, a statutory body that looks after everything related to provident funds in India.
bank details not updated
Another possible reason for rejection of a request could be non-updation of bank details. PF account holders are required to provide operational bank account number and IFSC code on the EPFO portal. For any settlement, EPFO asks the claimant to ensure that the bank account details in the login section are correct.
illegible signature
If your signature does not match with the signature available in the official records, there is no possibility to withdraw money from your PF account. Hence, to avoid any delay you must ensure that your signature is not only clear but also matches the official records.
Currently, 8.15 percent interest is being received on EPF. The EPFO had in March 2022 reduced the interest on EPF for its nearly five crore subscribers from 8.5 per cent in 2020-21 to a four-decade low of 8.1 per cent for 2021-22. This was the lowest since 1977-78. When the interest rate of EPF was 8 percent.
The interest rate of 8.5 per cent on EPF deposits for 2020-21 was fixed by the CBT in March 2021.
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