An EPF account consists of contributions made by both employer and employee towards the employee’s retirement fund. The contribution is usually 12% of the employee’s basic salary, and an equal contribution is made by the employer as well.
The interest rates for EPF are revised on a yearly basis by the EPFO (Employees Provident Fund Organization). You can now check your PF details online by logging on to the EPFO portal with your UAN (Universal Account Number). UAN is allotted to every employee by the EPFO.
Let us see who to check the PF details online using UAN (Universal Account Number):
Finding your UAN number: To check your PF details online, your employer needs to activate your UAN on the EPFO portal. Usually, you will find your UAN number on your salary slip. However, if you cannot find it on the salary slip, then you will have to check with your employer. Make sure your employer links your UAN to your AADHAAR, PAN, and bank account details.
Login with your UAN: You need to wait for six to eight hours before your account gets activated. Thereafter, you can log in on the member’s passbook web page of EPFO using your UAN, password, and captcha code.
Accessing PF details: Once you have logged in on the ‘Member Passbook’ page, you can view all your PF details, including all transactions till date.
You can also download the EPFO app from the Play Store and access your PF account via the app. The same steps as above need to be followed to access your account on the app.
What are the benefits of investing in an EPF account?
EPF is an employee benefit scheme. Here are some noteworthy advantages of this scheme:
Safety – Your investment is safe in the EPF scheme as they it is backed by government policies. Your Provident Fund is administered by EPFO, which is a separate organization that maintains your PF account, and therefore, your savings are always intact.
You can also consider high-yielding company FDs like Bajaj Finance FD which provide better returns while ensuring the safe level of safety as your EPF account. These deposits are immune to market fluctuations and have been rated highly for their stability by CRISIL and ICRA.
High-interest rates – The interest rates of EPF are revised on an annual basis. It might fluctuate anywhere between 7.5 % and 8.5 % depending on the liquidity in the system. The current EPF interest rate is 8.65% which means you will earn reasonably good from your EPF investment this year. However, since the interest rates are revised on a yearly basis, you can never predict your returns in advance.
However, Bajaj Finance offers you the option of using an online FD calculator with the help of which you can predict your returns in advance. Moreover, you can earn a relatively higher interest rate with Bajaj Finance FD, up to 8.95%. With such high interest rate, you can easily achieve 54% ROI (as shown in the table below), which is difficult to achieve elsewhere.
Withdrawal policies – You cannot withdraw your EPF amount if you are still working for that organization or firm. You can withdraw the EPF amount if you are without a job for one or two months. However, EPF earning does not remain tax-free if you withdraw it before the completion of 5 years of continuous service, and this can lead to a significant loss in the form of TDS.
When you are investing in a fixed deposit, you can go for premature withdrawal of FD whenever there is a need for it. You can even raise a loan against FD if you do not wish to withdraw your FD prematurely.
You can even avail periodic interest payouts with Bajaj Finance FD in case you need a regular source of income. This way, you can avoid the possibility of any premature withdrawals. It is easy to manage and track multiple FDs using Experia- your online fixed deposit account.
It is a good idea to invest your PF corpus in FDs so that you can earn good returns even when the inflation levels are high. You can also invest in Bajaj Finance FD to diversify your investment portfolio. It is a risk-free investment and provides high returns as well, which might enable you to amass large corpus before your retirement.