Employees' Provident Fund Organisation (EPFO) members are expected to see the interest credited to their provident fund passbooks by July 15, with the retirement fund body beginning the processing of interest for FY26 under its newly launched centralised digital system.The total payout is estimated at more than ₹1.44 lakh crore. (MINT_PRINT)Labour Minister Mansukh Mandaviya on Wednesday said the annual interest at the approved rate of 8.25 per cent is being processed for around 34 crore member accounts. The total payout is estimated at more than ₹1.44 lakh crore, news agency PTI reported. Also read | Big changes from July 1: Costlier passports, free Aadhaar updates, EPFO services"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.The government had approved the 8.25 per cent interest rate for FY26 last month.New CITES platform changes how EPFO functionsThe minister said the online access has become possible with the rollout of 2.01 CITES (Centralised IT-Enabled Services), a system developed to improve efficiency, transparency and ease of access for EPFO members.Also read | EPFO 3.0 to enable PF withdrawal via ATM, UPI soon; rollout expected soonHe explained that the organisation has moved away from its earlier decentralised setup, where each field office maintained a separate database. With the migration to a single centralised database, member records are now available across the country through a unified digital platform.According to Mandaviya, interest payments were earlier processed only in October or November after government approval. The new system is expected to significantly reduce that timeline.Members can access PF services from anywhereWith the centralised architecture in place, EPFO members will no longer be tied to a specific office for most services.Also read | EPFO tightens rules for private trusts with new SOPThey will be able to access their PF balance, claim status, pensionable service records and details of benefits availed through a unified digital interface, regardless of their location.The new system also allows claim settlements to be processed centrally and routed through faster electronic payment channels, enabling settlement amounts to be credited directly to members' bank accounts in a secure and timely manner.Interest on final settlements, withdrawals also revisedThe upgraded system also changes the way interest is calculated for final PF settlements. Instead of being calculated only until the last day of the previous month, interest will now be calculated up to the actual date of payment authorisation.EPFO has also simplified the rules for partial withdrawals by reducing the existing 13 categories to three broad heads:Essential needs, including illness, education and marriageHousing needsSpecial circumstancesMembers will also be able to withdraw up to 75 per cent of their total PF balance under the revised framework.Automatic PF transfers and nationwide pension paymentsAnother key change relates to job switches. Members with Aadhaar-linked Universal Account Number (UAN)-based PF accounts will no longer have to apply separately for transferring their provident fund accumulations. Such transfers will now be initiated and settled automatically.The centralised pension payment system has also been expanded. Pension claims processed at any regional office can now be credited through any bank account across the country, replacing the earlier system under which pension payments were linked to a specific bank branch mentioned in the Pension Payment Order (PPO).(With PTI inputs)