The Employees’ Provident Fund Organization (EPFO) is soon going to send interest money to the account of 6 crore PF account holders. It is expected that after the approval of the Ministry of Labor, this interest amount will come in the accounts of the subscribers of EPFO by the end of July. 8.5% interest amount will be deposited in the account of the account holders.
According to media reports, the amount of interest in the PF account will be sent in two installments. The first installment is expected to be sent in July while the second installment is expected to be sent by December. Subscribers can take advantage of this only when their PF account is activated. If the account is inactive then the money will not be credited to the account. So check it beforehand. It is to be known that last time in the financial year 2019-20 also due to the disturbance in KYC, many subscribers had to wait for a long time of 8 to 10 months to get the interest.
lowest interest rate
At present 8.5% interest is being given by EPFO. There has been no change in this for the financial year 2020-21. This interest rate is the lowest ever. Earlier in the financial year 2019, 8.65 percent interest was available on EPF. In the financial year 2018, 8.55 percent interest was given. At the same time, in the financial year 2016 it was 8.8% and in the financial year 2014 8.75 percent interest was given.
Correct these mistakes to get money
1. The PF money will be credited to the account only when the correct account number is entered in the records of EPFO. If the account number is incorrect then the application will be rejected.
2. The application can be canceled even if the KYC of the PF account is not completed or not verified. So check the details by logging into the e-service account. Otherwise the interest money will not come in the account.
3. It is very important for the account to be linked to the UAN (Universal Account Number) for claiming the PF money.
4. Even if the date of birth and other documents recorded in EPFO do not match with the original document, the money will not come in the account.