I have downloaded PF passbook and found that interest for the year 2017-2018 has not been credited on 31 March 2018. When is this amount credited?
If I withdraw my PF now before interest is credited, will I lose the interest for one year?
From India, Mumbai
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4If I withdraw my PF now before interest is credited, will I lose the interest for one year?
From India, Mumbai
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Dear Anamika, Please don’t be in a hurry.Circular for crediting interest for FY 2017-18 is not yet released.Please wait for some time
From India, New Delhi
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From India, New Delhi
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Interest is credited as on 31 Mar 2018 on completion of F/Y 2017-18. My PPF a/c has been updated and credited with interest for previous F/Y. Check with the bank.
From India, Pune
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From India, Pune
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The question relates to EPF and not PPF. Yes, the interest has not yet been credited in EPF for the FY 2017-18
From India, Delhi
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From India, Delhi
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The PF interest rate was decided early in the year 2017 for the financial year 2017-18. Therefore, the interest calculation should have automatically occurred and been credited on 31-Mar-18, similar to the PPF accounts with banks/post offices.
Why is this not happening with EPF? Does this mean the government does not have enough funds yet?
From India, Bengaluru
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Why is this not happening with EPF? Does this mean the government does not have enough funds yet?
From India, Bengaluru
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The EPF interest for the FY 2017-18 was decided by the GoI only on 22nd Feb 2018 to be at 8.55% (from the earlier rate of 8.65% for 2016-17). Once the announcement is made, the EPFO calculates the interest and applies it to all the accounts, which is normally completed by April. However, you will see the entry backdated as 'March' in the EPF Passbook.
Not sure what is happening this year, as the interest has not yet been credited to the members' accounts even after 2 months from the announcement of the rate.
From India, Delhi
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Not sure what is happening this year, as the interest has not yet been credited to the members' accounts even after 2 months from the announcement of the rate.
From India, Delhi
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Latest:
The Central Board of Trustees (the apex decision-making body of EPFO), headed by the Labour Minister, has decided (in a meeting held on 21 Feb 2018) on an interest rate of 8.55% for the FY 2017-18. However, this decision has not yet been approved by the Ministry of Finance, resulting in a delay in disbursing the interest for the FY 2017-18. The Ministry of Finance is expected to provide approval at any time this week.
From India, Delhi
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The Central Board of Trustees (the apex decision-making body of EPFO), headed by the Labour Minister, has decided (in a meeting held on 21 Feb 2018) on an interest rate of 8.55% for the FY 2017-18. However, this decision has not yet been approved by the Ministry of Finance, resulting in a delay in disbursing the interest for the FY 2017-18. The Ministry of Finance is expected to provide approval at any time this week.
From India, Delhi
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EPF interest not credited until 22nd May '18. All these years, it was happening before April contribution itself. Why so much delay and uncertainty this year? I am facing another issue - I deposited back the excess withdrawal PF amount in Sept '17 itself, but so far it is not showing in my Passbook. I am afraid of how poorly PF is managed!
From India, Bengaluru
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From India, Bengaluru
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Yes, the EPF interest for FY 2017-18 has not yet been credited as the rate (8.55%) was finalized very late by the EPFO. To make matters worse, the same was not approved by the MoF in time (Karnataka elections were cited as one of the reasons!), and there is no news yet if it has been approved. It is unfortunate that even after 2 full months, the interest has not been added to the accounts; not sure how many EPF members were adversely affected by this inordinate delay.
As for your excess withdrawal deposited into EPF accounts not being accounted for, do get in touch with your respective EPF office in person and try to sort things out. Alternatively, raise a complaint with the concerned regional office.
From India, Delhi
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As for your excess withdrawal deposited into EPF accounts not being accounted for, do get in touch with your respective EPF office in person and try to sort things out. Alternatively, raise a complaint with the concerned regional office.
From India, Delhi
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Circular_ESIC_M aternity Benefit_23 March 2018.pdf