Investment in an Employees’ Provident Fund (EPF) scheme helps you in your retirement planning. It is regarded as a very safe investment option and offers higher returns than fixed deposit schemes. If you are an employee and EPFO member, you should keep track of how much money has been accumulated in your EPF account. In this article, we will show you multiple ways to check your EPF account balance.
What is the EPF scheme?
The Employees' Provident Fund (EPF) scheme is a savings scheme introduced by the Employees' Provident Fund Organisation (EPFO) under the purview of the central government. This scheme's primary objective is to offer employees stability and a better future, especially after retirement.
Under this scheme, you and your employer will each contribute 12% of your monthly salary to the EPF. The EPFO has set a predetermined rate of interest that is accrued on the funds parked in this scheme.
Features of EPF scheme
- Any company or shop that employs 20 people or more is mandated under the Indian law to register with the EPFO.
- No employee can hold more than one EPF account.
- The monthly contribution from both the employee and employer each is 12% of the total of employee's monthly basic salary plus the dearness allowance.
- Employees who have worked for at least a year are eligible to make a partial withdrawal from their EPF in an emergency.
- Emergency withdrawal is allowed for a wedding, medical emergency, higher education, and property purchase and renovation.
- The EPF scheme is regulated under three different acts: the Employees' Pension Scheme Act of 1995, the Employees' Deposit Linked Insurance Scheme Act of 1976, and the Employees' Provident Fund Scheme Act of 1952.
- The interest rate offered under this scheme has been fixed at 8.1% for 2021-2022.
- No individual can subscribe to the EPF scheme directly. Only employees of companies covered by the Employees' Provident Funds & Miscellaneous Provisions Act of 1952 are eligible to enrol in this scheme.
Benefits of EPF
The EPF scheme offers a wide array of benefits. Here are a few of them.
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Capital appreciation:
The EPF scheme offers a predetermined interest rate on the deposited funds. Additionally, you are entitled to a few extra benefits on maturity that help in capital appreciation.
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Corpus for retirement:
The EPF also allows you to deal with uncertainty after retirement by providing you with enough wealth. Under this scheme, around 8.33 % of the total 24% employee and employer contribution is allocated to the Employee Pension Scheme (EPS) to safeguard your retirement.
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Tax savings:
The amount of income you contribute towards EPF is subject to tax exemptions. In addition to the contributions, interest income is also eligible for tax breaks. The EPF tax treatment falls under Section 80C of the Income Tax Act of 1961.
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Premature withdrawal
You are allowed to withdraw a portion of the money from your EPF account in an emergency. However, premature withdrawal is subject to several restrictions.
Now that you are familiar with the fundamentals of the EPF plan, it is time to discuss how to check your EPF balance.
Also Read: EPF Advance vs. Personal Loan: Which is Better? How to check balance in a PF account?
The EPFO allows EPS subscribers to check their account balance in the following ways.
- Balance check via SMS
- Through missed call
- Via website
- Through UMANG app
However, remember that you can only check your EPF balance if your employer has activated your Universal Account Number (UAN).
How to know EPF balance by SMS?
Sending a text message from your registered mobile number allows you to check your PF balance if you are an EPF subscriber and registered on the UAN portal. All you need to do is type 'EPFOHO ' in your message box and send it to 7738299899. Here, is your UAN and is your preferred language, for example, ENG for English, HIN for Hindi, and so on.
You will receive a text message shortly from EPFO detailing your EPF account balance.
Note: Balance check via SMS is allowed only if your KYC details, such as PAN, Aadhar, or bank account details, are integrated with the UAN. How to know EPF balance by missed call?
A missed call is another option that allows you to check your EPF account balance. As a registered UAN portal member, you need to give a missed call at 011-22901406 from the number linked with your UAN.
Your account information will then be sent to you shortly through SMS.
How to check EPF balance through the website?
You can check your EPF balance via the EPFO portal. Here's how.
- Step 1: Go to the official website of EPFO.
- Step 2: Navigate to the ‘Services’ section and from the drop-down menu, choose 'For Employees.'
- Step 3 In the next step, go to the 'Services' section, and from there, click on 'Member Passbook.'
- Step 4: A login page will appear on your screen, where you need to provide your UAN and the password for your account.
After finishing all the above steps, you can access your EPF account. Here you can check your account balance along with many other details.
How can I check my PF balance using the UMANG app?
Below are the steps to check EPF balance on mobile using the UMANG app.
- Step 1: Install the UMANG app from the Google Play Store or Apple App Store.
- Step 2: Open the app and tap on the ‘EPFO’ icon.
- Step 3: Go to the 'Employee Centric Services' and tap on 'View Passbook.'
- Step 4: Input your UAN and click on 'Get OTP' to get a one-time password (OTP). Once you have received the OTP on your registered mobile number, enter it in the field provided to finish the login procedure.
- Step 5: Select your company's member ID and the app will show your EPF account balance.
To conclude
An EPF account is the most effective investment strategy for retirement planning. Along with equal contribution from your employer, you get assured returns at a fixed rate of interest that are tax exempted. It is essential to keep track of your EPF to plan for your retirement goals and help decide on other investment options. Thus, you should regularly check your EPF balance and other related details using any of the methods we have described in this article.
