Looking for ways to check provident fund balance online in no time? Time article helps you do that using either of 3 simple ways discussed below.
Employee Provident Fund Organisation (EPFO) recorded almost 1.2 crore new members between September 2017 and July 2018, as per data released by the Ministry of Statistics and Program Implementation (MOSPI).
All individuals employed in a registered company having 20 or more employees require an Employee Provident Fund account, provided your income is less than Rs. 15,000 per month. All salaried individuals drawing a relatively high salary than the stipulated limit can open an EPF account voluntarily.
Deposits in a PF account have to be made both by the employer and employee correspondingly, contributing equal amounts. A UAN is allotted to each EPF member, using which you can perform a PF fund check (opens in a new tab/window) to view existing balance.
3 Ways To Check Provident Fund Balance Online
Such balance verification can be done in four methods, through the EPFO website portal, official app, SMS, or by giving a missed call.
1. Through the EPFO portal
- Visit the official website, and go to ‘Member services’ under ‘Our Services’.
- Click on the ‘Member passbook’ option.
- A login portal will open, wherein UAN and password have to be entered.
The balance will be displayed directly on the portal, depending on employee and employer contributions, respectively.
2. Through the app
Salaried employees making a monthly contribution can download the UMANG app from Play store or app store for PF account check in the following method –
- Log in to the app and open ‘Member’.
- Open ‘Balance/passbook’.
- Enter your UAN and verify the same through your registered mobile number.
EPF account balance will be displayed directly on the app after verification of your UAN ID.
3. SMS or Missed Call
You can also perform a PF account check to view your outstanding balance by sending an SMS to the official number of EPFO, or by placing a missed call on 011-22901406 from your registered mobile number.
Provident fund balance is eligible for withdrawal upon the retirement of an individual, or after attaining 58 years of age, whichever is earlier. However, in case an individual having an active EPF account is unemployed for more than two months, he/she can withdraw the entire deposit.
There are several meaningful ways to use your EPF money, primarily if disbursed post-retirement. As it includes a substantial amount, individuals can retain a specified portion for meeting personal expenses, while the remaining can be used for reinvestment purposes.
As EPF balance comprises the retirement portfolio of an individual, investors often look for schemes having no direct ties with the stock market, thereby ensuring high return disbursal upon maturity. The fixed deposit scheme is an ideal instrument to invest in to plan your post-retirement life, as it is associated with high interests.
NBFCs like Bajaj Finance offer up to 8.10% interest on its Fixed Deposit plans, for a tenure ranging from 1 year to 5 years. Such policies provided annual, half-yearly or monthly compounding benefits, and total interest earnings can be determined using an FD calculator monthly interest.
Benefits of Fixed Deposit Plans
The primary advantage of choosing a fixed deposit scheme over other government-mandated savings plans is the flexibility in the lock-in period, as investors can determine the tenor of investment as per their financial planning and liquidity requirements.
1. Hassle-free investment
Most financial institutions offer online application to open a fixed deposit and submit the principal amount through debit cards, cheques, demand drafts, etc.
Also Read: Best Savings Schemes in India 2020
2. High returns
Fixed deposits are one of the highest interest-bearing tools in the market, with a high degree of flexibility regarding the tenure of investment. You can determine the total interest using the FD calculator monthly interest (opens in a new tab/window) available on the website of renowned financial institutions.
3. Tax benefits
Five-year tax-saver FDs facilitate tax benefits on total investment under Section 80C. A total of Rs.1.5 lakh can be invested in this scheme.
3. Loan against FD
Individuals requiring urgent funds can procure the same by availing a loan against their fixed deposit investments. Credits up to 70% of the total deposit can be availed at nominal interest charges, thereby allowing individuals to meet all their monetary requirements, without affecting their investment schemes.
The features of a fixed deposit plan can be beneficial as an instrument wherein funds from an EPF account can be invested to generate high returns on the same. Additionally, investors can opt for multiple FD accounts.
– Author Bio –
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at HighlightStory.