No need to worry if interest is not updated; EPFO provides important information.
EPF Passbook Update: An indispensable aspect of an employed individual's remuneration is allocated to their PF account. Conversely, the EPFO Passbook serves as a pivotal document for ascertaining the balance present in the PF account. Moreover, the EPF passbook is the sole source of information regarding the interest accrued on the deposited balance within the Employees Provident Fund Organization account. It is noteworthy that if one opts to withdraw funds from said account, the passbook is promptly updated to reflect this transaction. Of considerable significance, EPFO operates under the purview of the Ministry of Labor and Employment, within the Government of India. This account confers the benefit of deposits in the PF account, in addition to pension and insurance schemes.
How does one verify their EPFO passbook?
It is imperative to acknowledge that the government updates the interest amount in the PF account in tandem with the corresponding update in the EPF passbook. This passbook can be accessed via the EPFO members' website or mobile application. To peruse this passbook, one must possess their Universal Account Number (UAN) and Password (EPFO Password). Upon furnishing these credentials, access to the passbook becomes attainable.
What ensues if the interest remains un-updated in the EPFO passbook?
In a commendable effort to address account holders' concerns, EPFO has taken to its official Twitter handle. By means of a tweet, EPFO conveys that updating the interest in the passbook constitutes a procedural entry. Furthermore, EPFO affirms that the date on which the interest is updated in the passbook shall bear no financial implications for the account holder. Thus, subsequent to the culmination of the financial year, the government disburses the interest funds into the account. It is important to note that even in the event of a delay in the announcement of the interest rate, the interest shall be calculated from the day the government declared it. Consequently, members need not fret about the necessity of updating their passbooks, as no financial losses shall be incurred.
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