I have downloaded PF passbook and found that interest for 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
4If I withdraw my PF now before interest is credited will I lose the interest for one year?
From India, Mumbai
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
From India, New Delhi
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
From India, Pune
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
From India, Delhi
The PF interest rate is decided early in the year 2017 for the financial year 2017-18. So the interest calculation should have automatically happen and get credited on 31-Mar-18 similar to the PPF accounts with the banks/post offices.
Why is this not happening with EPF? Does that mean the government does not have that much money yet?
From India, Bengaluru
Why is this not happening with EPF? Does that mean the government does not have that much money yet?
From India, Bengaluru
The EPF interest for the FY 2017-18 was decided by the GoI only on 22/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 to all the accounts, and is normally completed by April but you will see the entry back dated as 'March' in the EPF Passbook. Not sure what is happening this year, the interest is not yet credited to the members' account even after 2 months from the announcement of the rate.
From India, Delhi
From India, Delhi
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) for an interest rate of 8.55% for the FY 2017-18, the same has not yet been concurred by Ministry of Finance. Hence the delay in getting the interest for the FY 2017-18. The Ministry of Finance is expected to provide the OK any time this week.
From India, Delhi
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) for an interest rate of 8.55% for the FY 2017-18, the same has not yet been concurred by Ministry of Finance. Hence the delay in getting the interest for the FY 2017-18. The Ministry of Finance is expected to provide the OK any time this week.
From India, Delhi
EPF interest not credited till 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 excess withdrawal PF amount in Sept'17 itself.. so far it is not showing in my Passbook. Am afraid how poorly PF is managed !!??
From India, Bengaluru
From India, Bengaluru
Yes, the EPF interest for FY 2017-18 has not yet been created as the rate (8.55% ) was finalised very late by the EPFO. To make matters worse, the same was not approved by MoF in time (Karnataka elections was cited as one of the reasons!), and there is no news, yet, if the same has been approved. Yes, 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 far your excess withdrawal deposited into EPF accounts is not accounted, do get in touch with the your respective EPF office/in person and try to sort things out. Or, raise a complaint with the regional office concerned.
From India, Delhi
As far your excess withdrawal deposited into EPF accounts is not accounted, do get in touch with the your respective EPF office/in person and try to sort things out. Or, raise a complaint with the regional office concerned.
From India, Delhi
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Circular on PF Damage & Interest Calculations.pd f
PF Interest calc.xls