EPFO Latest Update FAQ: Delay in updating of interest in the member passbook?

EPFO FAQ: Delay in updating of interest in the member passbook?

Is there any financial loss to EPF members due to thedelay in updating of interest in the member passbook?

Updating of member passbook with interest is an entry process.The date on which the interest is entered in the passbook of the memberhas no actual financial bearing as the interest earned for the year on hismonthly running balances is always added to the closing balance of thatyear and it becomes the opening balance for the next year.

Hence, the member does not suffer any financial loss in case there is anydelay in updating interest in his passbook.

Further, if a member withdraws his EPF dues before the interest is updatedin his passbook, in that case also at the time of his claim settlement,the due interest is calculated and paid from the date it becomes dueautomatically by the system.

Hence, in this case too, there is no financial loss to a member.