New Delhi, July 8 -- 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 Rs 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, balances, claim status and pensionable service records.
Published by HT Digital Content Services with permission from Millennium Post.