Provident Fund is a government managed savings scheme, where you invest your money and benefit from the accumulated interest over time. Salaried employees get this lump sum amount once they retire or exit from employment. You also do not have to pay a tax on your Provident Fund amount, if it is withdrawn after 5 years or more of employment. These savings can be invested to earn more returns and grow your retirement corpus.
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While stocks and equities could help you earn high returns, there’s always some risk associated with these investments. For people who seek guaranteed returns, Fixed Deposits are one of the most preferred investment avenues.
Those looking to check their PF details, must have an active Universal Account Number (UAN), which can help them check their PF account balance. Here are the steps to check your provident fund online balance:
You can also download the UMANG app, or send an SMS to 7738299899 in this format: EPFOHO UAN ENG. If you’re looking to avail the missed call facility, simply give a missed call on 011-22901406.
When it comes to withdrawal of funds from your PF account, you can either choose to submit a physical application or an online application. The best way to do this is to visit the EPFO website and use any of the following means to initiate a transfer or a withdrawal process:
You can also read about provident fund information online, on the EPFO website. For PF online transfer, the form that needs to be filled up is Form 13. On the other hand, the forms associated with withdrawal or claims include Form 31 (Part Withdrawal of PF funds), Form 10C (Pension Withdrawal) and Form 19 (Final PF Settlement).
For online PF withdrawal claim, you need to have an active UAN linked with Aadhaar, PAN and bank account. Apart from this, mobile number registered with the UAN should be operational.
Process for online PF withdrawal:
The EPFO member must note that your online PF withdrawal claim required authentication from your employer. The withdrawal amount will be transferred to the given bank account after the authentication by the employer.
When you withdraw money from your Provident Fund account, you get a surplus amount that you can use as your retirement fund. You can consider investing in Fixed Deposits to protect your provident fund amount from market fluctuations and earn high returns.
Bajaj Finance Fixed Deposits offer one of the highest interest rates up to 7.00% which can go up to 7.25% for senior citizens. You can also choose the tenor and frequency of your interest payouts.
Bajaj Finance Fixed Deposits have the highest safety ratings by CRISIL and ICRA, so your investments are always secure. Check the online procedure to open FD Account and start investing.
|Interest Rate||Ranging from 5.65% to 6.75%|
|Minimum Tenor||1 Year|
|Maximum Tenor||5 Years|
|Deposit Amount||Minimum deposit of Rs. 25,000|
|Application Process||Easy online paperless process|
|Online Payment Options||Net Banking and UPI|
* UPI payment option is available for payments up to Rs. 1 lakh.
You can check your PF balance in a number of ways, as mentioned below-
You can get your UAN from your employer. Most companies print UAN number on the payslips. However, if your employer has not yet shared your UAN number with you, you can find it by following these steps:
All employees and workers earning less than Rs. 15,000 per month are eligible to receive the provident fund. Employees earning more than this are not eligible, but it is up to the discretion of the employer. All business entities with more than 20 employees are mandated to be members of the EPFO.
Provident Fund is a superannuation fund for all employees in India. All companies under organised or unorganised sectors with more than 20 employees are mandated to be registered under the administrative entity - Employees' Provident Fund Organisation (EPFO). Both the employee and the employer are required to contribute to this fund until the employee is working with the company. Here’s how you can benefit with Provident Fund:
The Provident Fund amount accumulates during your working life, thereby enabling you to ensure a comfortable retirement. Here’s how you can get the maximum PF amount: