Provident Fund Guide

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Public Provident Fund (PPF) plan is a particularly popular government-backed long-term savings scheme in India, due to its combination of tax savings, returns, and safety. It's also known as a savings-cumulative-tax savings investment vehicle since it allows you to create a retirement fund while lowering your annual taxes. A PPF account is a safe investment choice for anyone wishing to save taxes and earn assured profits.

While stocks and equities can help you generate significant profits, they also come with a certain amount of risk. Fixed deposits are one of the most popular investment options for those seeking assured earnings.

Under this programme, one must register a PPF account, and the money deposited during the year will be claimed under section 80 C deductions.

How to check your PF balance

Those looking to check their PF details must have an active Universal Account Number (UAN), which can help them review their PF account balance. Here are the steps to check your provident fund online balance:

  • Visit the EPFO website
  • Enter your UAN and password
  • View and download your EPF account statement

You can also check your balance by giving a missed call on 011-22901406, from your registered phone number.

PF Balance Check by Sending an SMS

UAN activated Members can check their latest PF contribution and balance available with EPFO by sending an SMS at 7738299899 from registered mobile number. “EPFOHO UAN״ to 7738299899.

PF Balance Check Through a Missed Call

An EPFO member can check their PF balance by using EPFO missed call service by giving a missed call on 011-22901406 from its UAN registered mobile number.

PF Balance Check using the Umang/ EPFO app

Here’s how one can check the PF Balance by using the Umang/ EPFO app:

  • After downloading the Umang/ EPFO app, click on 'Member' and then go to 'Balance/ Passbook'.
  • Enter your UAN and registered mobile number. The system will verify your mobile number against your UAN. If all the details are verified, you can view your updated EPF balance details.

How to withdraw, claim or transfer PF

When it comes to withdrawing 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:

  • UAN
  • Digital signature
  • Aadhaar card and personal details

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 documents associated with withdrawal or claims include Form 31 (Part Withdrawal of PF funds), Form 10C (Pension Withdrawal) and Form 19 (Final PF Settlement).

PF Contribution

The employer’s contribution is divided into the below mentioned categories:

Category

Percentage of contribution (%)

Employees Provident Fund

3.67

Employees’ Pension Scheme (EPS)

8.33

Employee’s Deposit Link Insurance Scheme (EDLIS)

0.50

EPF Admin Charges

1.10

EDLIS Admin Charges

0.01

Invest in fixed deposit

When you withdraw money from your Provident fund account, you get a surplus amount to 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 7.20% p.a. going up to 7.45% p.a. for senior citizens. You can also choose the tenor and frequency of your interest payouts.

Bajaj Finance Fixed Deposits have the highest safety ratings accredited by CRISIL and ICRA, so your investments are always secure. Check the online procedure to open an FD account and start investing.

To calculate the maturity amount of Fixed Deposit amount Use FD Calculator.

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Frequently asked questions

How can I check my PF balance?

You can check your PF balance in a few ways, as mentioned below:

  • EPFO portal: You can check your PF balance from your EPF e-passbook available on the EPFO portal. You can log in to the portal with your UAN.
  • UMANG App: You can also check your PF balance using the UMANG (Unified Mobile APP for New Governance) app. You can receive a link to download the app by giving a missed call to 9718397183. You can also download it from the UMANG website or the app stores.
  • Missed call service: Members registered on the UAN portal can give a missed call to 011-22901406 from their registered mobile number. If your UAN is linked with your bank account number, PAN number or Aadhaar number, you will receive an SMS with the details of your last EPF contribution and PF Balance.
  • SMS service of EPFO: Members with activated UAN can also send an SMS with the text EPFOHO UAN ENG (ENG: your preferred language) to 7738299899 from their registered mobile number. This facility is available in 10 regional languages.
How can I get my PF UAN number?

You can get your UAN from your employer. Most companies print UAN numbers on the payslips. However, if your employer has not yet shared your UAN number with you, you can find it by following these steps:

  • Go to the EPFO's Unified Member Portal and select the 'Know Your UAN' status option.
  • You will get three options to retrieve your UAN. You can find UAN with your PF member ID, Aadhaar number, or PAN number. Select any one of these three options.
  • You will be redirected to another page, where you have to enter your personal details such as name, mobile number, date of birth, email id, etc.
  • Once you submit these details, you will receive an authorisation pin on your registered mobile number.
  • Upon entering this pin, your UAN will be sent to your registered mobile number and email id.
Who is eligible for the provident fund?

All employees who earn less than Rs. 15,000 per month are eligible to receive the provident fund. Employees making more than this are not eligible, but it is up to the employer's discretion. All business entities with more than 20 employees are mandated to be members of the EPFO.

What is the benefit of the provident fund?

Provident Fund is a superannuation fund for all employees in India. All companies under organised or unorganised sectors with more than 20 employees must be registered under the administrative entity - Employees' Provident Fund Organisation (EPFO). Both the employee and the employer must contribute to this fund until the employee is working with the company. Here's how you can benefit with Provident Fund:

  • Build a corpus – The regular deduction of EPF contribution goes into your PF amount, enabling you to build a corpus over time.
  • Greater returns – The Government of India, through the EPFO, pays interest on the accumulated EPF corpus based on the prevailing interest rates in the economy. The interest rate is subject to review and revision each quarter under the Small Savings Act. According to experts, your EPF account continues to earn interest even if it has been dormant for more than 3 years.
  • Tax benefits – The employee's contribution towards an EPF account is eligible for tax exemption under Section 80C, making your earned interest exempt from tax.
  • Insurance benefits – With EPF, you can reap the benefits of the Employees Deposit Linked Insurance (EDLI) Scheme, an insurance cover provided by the EPFO. Under this scheme, the registered nominee can receive a lump sum amount in the event of the death of the person insured during the period of service.
  • Premature withdrawal – The EPFO enables you to make partial withdrawals after 5-10 years of service for meeting urgent requirements.

Thus, the EPF makes for an effective saving option, enabling you to save more and grow your retirement savings.

How can I withdraw my maximum PF amount?

The Provident Fund amount accumulates during your working life, enabling you to ensure a comfortable retirement. Here's how you can get the maximum PF amount:

  • PF will keep accumulating over time if you choose not to withdraw it throughout your working life. This way, you can be assured of the maximum PF amount used during your retirement.
  • You can withdraw the maximum amount of 90% of the total corpus if you choose to withdraw the corpus 1 year before your retirement.
  • The loss of a job has also been considered in the latest EPF withdrawal rules. According to these rules, 75% of the accumulated EPF corpus can be withdrawn 1 month after leaving the job. The remaining 25% can be withdrawn after 2 months of unemployment.
  • There are other options for partial withdrawal after a minimum of five to seven years of service. Such leaves can be for medical emergencies, house renovation, weddings, and home loan repayment. Each of them has a set of rules to be followed.

However, withdrawal before five years of service will attract tax per your income tax bracket.

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