EPFO processing interest payment on provident funds for FY26; members can check updates by next week

Retirement fund body EPFO is processing the interest payment on provident funds for FY26, and members can check the updated amount online by July 15, Labour Minister Mansukh Mandaviya said on Wednesday.

The online access of provident fund accounts has been enabled with the implementation of 2.01 CITES (centralised IT-enabled services) by the Employees' Provident Fund Organisation (EPFO), the minister told reporters here.

CITES project is designed to enhance convenience, improve EPFO's operational efficiency, and deliver transparent and seamless services to members.

"Annual interest for FY26 at the rate of 8.25 per cent to 34 crore member accounts, estimated at over ₹1.44 lakh crore, will be auto-processed and then verified by Field Authorities before being credited to the member account balances. Members will be able to view the interest credit in their passbook by July 15," the minister said.

Last month, the government approved the 8.25 per cent interest payment on provident funds.

According to the minister, interest payments were previously processed in October–November after government approval.

He explained that before CITES, the EPFO had a decentralised architecture with separate databases at each field office. Now, the EPFO has migrated its entire database of member records to the new centralised database.

With the updated systems, members will be able to avail services from any authorised location across the country, similar to banking services where customers do not have to visit a particular bank branch.

Now, members will have access to a unified digital interface to view their details, PF balances, claim status, pensionable service records, and benefits availed, thereby ensuring transparency and access to information about their PF accounts and the submission of claims.

Claim payments will be processed through the centralised architecture and routed through faster electronic payment channels, ensuring secure, efficient, and timely credit of settlement amounts directly into members' bank accounts.

Under the revised system, interest in final PF settlements will now be calculated up to the date of payment authorisation. Earlier, interest was calculated only up to the last day of the previous month.

Also, the 13 categories for partial withdrawals have been streamlined into three - essential needs (such as illness, education, and marriage), housing needs, and special circumstances, making the withdrawal process simpler and easier for members to understand.