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Business News/ Money / Personal Finance/  How to check your EPF account balance? A step-by-step guide
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How to check your EPF account balance? A step-by-step guide

There are several methods available to check your EPF account balance. However, it’s essential to ensure that your UAN KYC is completed for both approaches.

How to check your EPF account balance?Premium
How to check your EPF account balance?

The Employees’ Provident Fund (EPF) stands as an excellent avenue for retirement savings in India. It promotes consistent savings by involving contributions from both employees and employers. The automatic deduction from your salary for EPF renders it an exceedingly convenient method for retirement savings. Below is an outline of the contribution framework:

Employee’s contribution: Typically, 12% of your basic salary. Some adjustments apply to female employees during the initial three years of service.

Employer’s contribution: Corresponding to 12% of your basic salary and dearness allowance. This employer contribution comprises two components, viz., EPF contribution and contribution to the Employee Pension Scheme (EPS). 

Thus, with contributions from both you and your employer, a substantial sum is set aside for your retirement each month. 

How to check your EPF balance online?

There are two primary methods to verify your EPF balance online, both necessitating your Universal Account Number (UAN) and internet connectivity:

EPFO Member Passbook portal: The EPFO Member Passbook Portal enables registered members to conveniently access their Provident Fund (PF) account details online.

  1. Access the official EPFO Member Passbook portal
  2. Sign in using your UAN and password.
  3. Choose the particular PF account you wish to review (if you possess multiple accounts).
  4. Select “View PF Passbook" to access the comprehensive transaction history and current balance.
  5. Alternatively, utilize the “View Passbook (New: Yearly)" feature to view yearly contribution summaries.

UMANG App: The UMANG App, an acronym for Unified Mobile Application for new-age governance, is a beneficial tool introduced by the Government of India. It aims to simplify and enhance citizen access to various government services, ensuring greater ease and convenience.

  1. Download and install the UMANG App, an initiative by the Government of India offering diverse services.
  2. Navigate to the EPFO section within the app.
  3. Sign in using your UAN and password. You will then be able to access your EPF balance and additional details.

How to check your EPF balance offline?

As EPF deductions occur continuously during your employment, it’s crucial to have convenient methods for monitoring your balance. Fortunately, there are a couple of offline options available to check your EPF balance as well:

SMS: If your UAN is linked to a registered mobile number, you can send an SMS to 7738299899. The format of the message should be: EPFOHO UAN ENG (Substitute UAN with your actual UAN and ENG for English language preference). You will then receive an SMS response containing your latest EPF balance information.

Missed call: Similarly, if your UAN is linked to a registered mobile number, you can simply give a missed call to 011-22901406. The call will disconnect automatically, and you will shortly receive an SMS containing your EPF information.

Investors should be aware that for both methods, it is essential to have your UAN activated and linked to your Aadhaar and PAN for a seamless experience.

Benefits of investing in EPF

Many people ignorant of EPF benefits refrain from checking their EPF balances regularly. This impedes their financial goals while refraining them from seeing their money grow with time. Your EPF account accumulates a substantial retirement fund through consistent contributions over your working tenure, ensuring financial security upon retirement.

Here are a few notable advantages of EPF:

Shared contributions: Both you and your employer contribute to the fund, essentially doubling your retirement savings.

Tax advantages: EPF contributions are eligible for tax deductions as per Section 80C of the Income Tax Act.

Interest rate: EPF provides a comparatively higher interest rate in comparison to alternative savings schemes.

Maturity sum: At retirement, you receive a lump sum comprising your contributions, employer contributions, and accumulated interest.

Crucially, the EPF scheme is administered by the Employees’ Provident Fund Organisation (EPFO), a government entity. This provides a sense of assurance and reliability, distinguishing it from certain private investment alternatives.

 

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Published: 21 Mar 2024, 03:16 PM IST
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