EPF Balance

Introduction

Employee Provident Fund (EPF) balance is an essential aspect of financial planning for working professionals in India. This guide provides a detailed overview of EPF balance, how to check it, understand the EPF passbook, and various methods to access your EPF balance easily.

What is EPF Balance?

The EPF balance represents the total amount accumulated in an individual’s EPF account, including contributions from both the employee and the employer, along with accumulated interest. It serves as a crucial indicator of the employee’s retirement savings and financial security.

Importance of EPF Balance

1. Retirement Planning: The EPF balance forms a significant portion of an individual’s retirement corpus, ensuring financial security during the post-retirement phase.
2. Emergency Fund: It acts as a safety net during emergencies, allowing individuals to withdraw a portion of their EPF balance for medical emergencies, home purchases, or education expenses.
3. Tax Benefits: Contributions made towards EPF are eligible for tax deductions under Section 80C of the Income Tax Act, making it an attractive investment avenue.
4. Transparency: Regularly monitoring the EPF balance enables individuals to stay informed about their retirement savings and plan their finances accordingly.

How to Check EPF Balance?

Employees can check their EPF balance using several methods provided by the Employees’ Provident Fund Organization (EPFO) in India. These methods offer convenience and flexibility for members to access their account information. Here are the ways to check your EPF balance:

1. Using the EPFO Member e-Sewa Portal

• Step 1: Visit the EPFO Member e-Sewa Portal.
• Step 2: Log in using your Universal Account Number (UAN) and password, along with the captcha code.
• Step 3: Once logged in, click on the “View” tab and select “Passbook” from the dropdown menu.
• Step 4: You can view and download your passbook, which shows your EPF balance, contributions, and interest earned.

2. Using the UMANG App

• Step 1: Download the UMANG (Unified Mobile Application for New-age Governance) app from the Google Play Store or Apple App Store.
• Step 2: Register and log in to the app using your mobile number.
• Step 3: Select “EPFO” under the “Services” section.
• Step 4: Click on “Employee Centric Services” and then “View Passbook.”
• Step 5: Enter your UAN and OTP received on your registered mobile number to view your passbook and EPF balance.

3. Via SMS

• Step 1: Ensure your UAN is registered with the EPFO and that your mobile number is linked to your UAN.
• Step 2: Send an SMS in the format `EPFOHO UAN <Preferred Language>` (e.g., EPFOHO UAN ENG for English) to 7738299899.
• Step 3: You will receive an SMS with details of your EPF account, including the balance.

4. Via Missed Call

• Step 1: Ensure your UAN is registered with the EPFO and that your mobile number is linked to your UAN.
• Step 2: Give a missed call from your registered mobile number to 011-22901406.
• Step 3: You will receive an SMS with your EPF balance and other details.

5. Through EPFO Mobile App (m-EPF)

• Step 1: Download the EPFO mobile app (m-EPF) from the Google Play Store or Apple App Store.
• Step 2: Open the app and select “Member” from the menu.
• Step 3: Click on “Balance/Passbook” and enter your UAN and registered mobile number.
• Step 4: You can view your EPF balance and passbook.

6. Through the EPFO SMS Service (For Non-Registered Members)

• Step 1: Members whose UAN is not registered with EPFO can check their balance by sending an SMS.
• Step 2: Send an SMS in the format `EPF <UAN> <Last 4 digits of your PF Number>` to 7738299899.
• Step 3: You will receive an SMS with your EPF balance details.

7. Through the Employer

• Step 1: You can request your EPF balance information from your employer’s HR or finance department.
• Step 2: Employers often provide Employee Provident Fund account statements or balance details as part of the employee’s salary slip or separate documentation.

Each of these methods offers a convenient way to check your EPF balance, allowing you to stay informed about your retirement savings.

Understanding EPF Passbook

The EPF Passbook is a document provided by the Employees’ Provident Fund Organization (EPFO) that contains detailed records of the transactions in an employee’s EPF account. It serves as a statement of account, similar to a bank passbook, showing contributions, withdrawals, interest earned, and other relevant details. Here’s a breakdown of the key components and information typically found in an EPF passbook:

1. Personal Details

• Name of the Member: The employee’s full name is registered in the Employees Provident Fund Organisation.
• Universal Account Number (UAN): The unique identifier assigned to the member, which links all EPF accounts held by the employee across different employers.
• Member ID: The unique identification number assigned to the employee’s EPF account by the employer. Each employment period has a separate Member ID linked to the UAN.

2. Employer Details

• Name of the Establishment: The name of the employer or organization where the employee works or has worked.
• Establishment ID: The unique identification number assigned to the employer by the Employees Provident Fund Organisation.

3. Account Summary

• Opening Balance: The balance carried forward from the previous financial year, including the employee’s and employer’s contributions and accrued interest.
• Employee’s Share: The monthly contribution made by the employee, usually a percentage of their basic salary and dearness allowance.
• Employer’s Share: The employer’s monthly contribution, a portion of which goes into the Employee Pension Scheme (EPS).
• EPS Contribution: The part of the employer’s share that is contributed to the Employee Pension Scheme.

4. Monthly Contributions

Each month’s contributions are broken down into the employee’s share, employer’s share, and EPS contribution. These entries show the amount deposited in the EPF account for each month.

5. Interest Earned

The interest earned on the total contributions (employee’s and employer’s) in the EPF account. This interest is usually credited at the end of the financial year based on the rate declared by the EPFO.

6. Withdrawals and Advances

• Partial Withdrawals: Details of any partial withdrawals made by the member for specific purposes like medical emergencies, housing, education, etc.
• Final Settlements: Details of the final withdrawal or settlement of the EPF balance, typically when an employee retires or leaves employment.

7. Current Balance

The total amount in the EPF account at the end of the period, including the contributions, interest earned, and any deductions due to withdrawals.

8. Remarks Section

Any special notes or remarks related to specific transactions, such as reasons for withdrawals or adjustments made by the EPFO.

9. Transaction Dates

• Date of Contribution: The date on which the contributions are deposited into the EPF account.
• Date of Interest Credit: The date when interest is credited to the account.

Also Read: EPF Claim Status

Importance of the EPF Passbook

1. Transparency and Accountability: It provides a transparent record of all transactions, helping employees track their contributions and ensure their employer is depositing the correct amounts.
2. Financial Planning: Knowing the balance and interest earned helps in planning for retirement and other financial goals.
3. Proof of Employment: It can serve as proof of employment and earnings, as it includes details of the employer and contributions made during the employment period.
4. Grievance Resolution: In case of discrepancies or issues, the passbook can be used to raise queries or grievances with the EPFO.

Accessing the EPF Passbook

Employees can access and download their EPF passbook online through the EPFO Member e-Sewa portal, the UMANG app, or other digital platforms provided by EPFO. The passbook is available only if the UAN is activated and the KYC details are updated and verified.

EPF Balance Check Number

You can check your EPF balance through the EPF passbook balance check number by giving a missed call from your registered mobile number. The EPFO provides a dedicated toll-free number for this purpose, ensuring easy access to PF balance information.

Conclusion

Regularly monitoring your EPFO balance is crucial for effective financial planning and ensuring a secure future. By leveraging the various methods available for checking EPF balances, individuals can stay informed about their retirement savings, track contributions, and make informed decisions regarding withdrawals and investments.

Whether through the EPFO member portal, UMANG app, missed call service, or SMS facility, accessing your EPF balance has never been easier, empowering individuals to take control of their financial well-being.