Category Archives: Investment

The EPF Balance is the balance that is present in the Employer’s Provident Fund (EPF) Account. The EPF Balance is nothing but the balance that is deducted every month from your salary along with an amount that is contributed to your EPF Account by your employer. Opening an EPF can be a very good idea for retirement savings.

The Employer’s Provident Fund launched an online inquiry platform in the year 2013. This online portal was launched in order to check the fund balance. The main objective of this portal is to provide a quick access to the customers who want to check their PF Balance online. This is a very important factor for any salaried employee. Checking PF Balance online can provide the customer’s current updates about the information of their accounts, doing this will be very helpful for those who wish to make partial withdrawals or to avail any Loan.

The EPFO (Employee’s Provident Fund Organization) has introduced different ways to check the EPF Balance.

The following ways to check the EPF Balance are:

Earlier, when these services were not available, check the EPF Balance was tuff and complex. There was a number of forms which were needed to be filled, and people had to wait in the queues for hours and hours outside the office. In this article, we are going to learn about these methods in details.

How to Check EPF Balance IN 2018 Online

The EPFO has provided numbers of facilities to their customers. Recently, the EPF Balance can also be checked through online. Below are the steps to check the EPF Balance Online:

1. For checking your EPF Balance, you need to make sure that you have your EPF Account number with you. This is the most important thing to keep in mind before you start to perform any activity.
2. Open the link – epfindia.com and click on the “Know Your Balance” which is located at the bottom of the page.
3. Select the state of the PF Office in which your EPF Account is maintained.
4. After you select the EPF State, a list of offices pertaining to that state will be listed down below.
5. Choose your city, EPF Office from the list. For example: If your PF State Office is Karnataka and the Local Office is in Bangalore, then select Bangalore as the city.
6. Now enter your EPF Account number, your name as mentioned in the EPF Records and your Mobile Number.
7. The format of the EPF Number is TN/MAS/0054232/000/0000222. If in case there are no three digits present in the middle is not present in your EPF Account then you can leave the box blank and proceed further. The first two alphabets are the code of the region and the next three alphabets are the code of the PF Office.
8. Now click on submit and the EPF Balance will be sent to you through an SMS on the registered mobile number.

How to Check EPF Balance via UAN

UAN is also called as Universal Account Number which is allotted by EPFO. It is a Universal Account Number which is unique for all the individuals who have enrolled under the EPF Scheme. The UAN number does not change even if you change your Employer or PF account number. This number is assigned to each employee. This number can be generated by logging in the EPF Website. Once you have registered for UAN, you will automatically receive the details like EPF Balance etc. on your registered mobile via SMS.

The steps for checking an EPF Balance via UAN are as follows

1. Open the webpage- uanmembers.epfoservices.in
2. Enter your Universal Account Number (UAN).
3. Enter the mobile number where you want to receive the SMS.
4. Select the EPF State and choose the city-specific EPF Office from the list. For example, if your PF State Office is Karnataka and the Local Office is in Bangalore, then select Bangalore as the city.
5. Fill in the captcha code and you will receive a Pin and all the EPF Balance details are sent to the mobile number.

How to Check EPF Balance Via SMS or Missed Call

You can also check your EPF Balance through SMS or Missed Call. For this activity, you need to have an activated UAN Number. If you have a valid UAN Number then your mobile number is also registered with the EPF Department. You just have to give a missed call to 011-22901406 and you will receive an SMS that consists of the details of your PF Number, Age, and Name etc. In order to know your EPF Balance then you need to produce your UAN along with the Aadhaar Number or PAN Number.

To know your EPF Balance, KYC Details along with the UAN is mandatory. Once your UAN is integrated with your KYC, every time to give a missed call to the EPF Department, you will receive an SMS with the EPF Details along with the EPF Balance.

How to Check EPF Balance Through the Mobile App

The EPFO has recently launched a Mobile App for PF Balance tracking. The Mobile App serves different services such as the balance check as well as the Passbook Statement. This app is currently not available on the Google Play, so you can download it manually from the EPFO Official Website. Currently, this mobile app can only be used by the Android Users. The EPFO Department has been developing the app services for the Blackberry and IOS Devices.

On the EPFO App link, click and check the save target as. Once the app is installed on your device then open and feed your name and account number and track your PF Status. You can also download this file I the computer and later transfer it to the mobile phone. The file format is named as m-epf.apk and will be shown on your desktop or mobile wherever you want to download it.

Below are the steps to check the EPF Balance via Mobile App

1. Open the Mobile App on the device and click on the Member Option.

   

2. Under the Member Option there is an option available called as click balance/passbook and then enter your 12-digit UAN Number also enter your registered mobile number. The system will now verify your mobile number. If the number does not match then the UAN Number will display an error.
3. If in case the Mobile Number and the UAN Combination is correct then it will display a message of your updated EPF Balance information along with the personal details (name, date of Birth, Aadhaar Number, PAN for tax Deductions, Last Month EPF Contribution etc.) that are present in your EPF Records.
4. If in case you want to see your EPF Statement for the last 7 months, then you can select the option of “View Passbook” option and get a detailed statement.

The EPF Mobile App is good for EPF Balance Tracking and is the handy tool for checking the EPF Balance.

How to Access and Download EPF Passbook

The EPF Passbook is quite similar to that of the Bank Accounts Passbook. The Passbook carries the history of all the transactions including both the deposits and or any partial withdrawals. Below mentioned are the different modes through which you can access and download an EPF Passbook.

Using the UAN Portal

UAN can be used to download the EPF Passbook online from the EPFO Website and you can also track down the status of your EPF Transactions. The EPF Passbook has certain particulars regarding the Monthly PF Contribution from your employer and the contribution towards the pension scheme as well as the latest EPF Scheme. The EPF Passbook is like a full statement of all your transactions with the EPFO.

The only prerequisite for obtaining this passbook is to generate the UAN number, for which you can later Login and then download it.

Using the Member Portal

The EPFO has a member portal from where you can register online and view their Passbook transactions. This facility can be availed by the individuals whose employer has uploaded the Electronic Challan cum Return for the salary month of May 2012 and beyond.

The advantage of using a member portal is that you don’t have to remember any user name or Password. You just require only the registered mobile number and any identity proof like PAN, Aadhaar etc.

You can also feed multiple number of IDs along with the registered mobile number. Any of these ID Numbers can be used with the combination of the Phone number for the retrieval of the EPF Statement via EPF Passbook.

Thus these two portals can be used for accessing and downloading the EPF Passbook.

Points To Keep In Mind While Checking an EPF Balance

There are certain points that should be kept in mind while checking an EPF Balance are as follows:

1. Only one mobile number is allowed for the registration at the member portal, for downloading a passbook.
2. Any registered mobile number can view only one EPF account details, and for viewing more accounts, you will require a number of mobile numbers registered. You will need to file Form 13 for this process.
3. One member is allowed to vie maximum 10 EPF Account balances.
4. Multiple ID numbers can be added one after another during the process of registration so as to make use of the identity proof number during the time of the registration.

So, hope you have got enough of information regarding what is EPF, how can check the EPF Balance through different ways and the ways to access and download an EPF Passbook. Now, there must be some questions rising on your head such as, if there is a way to check the EPF Balance online, then there also must be a way to transfer the funds in EPF. Definitely, you can transfer the funds to EPF. Let’s see how, but before jumping to the topic, let’s understand what an EPF Balance Transfer is and why we need it?

EPF Balance Transfer

Did it ever happen that you’ve switched your jobs a multiple number of times and your provident funds have been resting in the accounts? Maximum of the answer would be a “Yes”. It has been seen that people usually forget to transfer their EPF Balance on time. Changing a job comprises multiple numbers of paper works and procedures and quite apparently, there is a swirl of confusions when it comes to the matters related to the EPF. Provident Funds provides a lot of benefits than the fixed deposits and other Government Bonds, so it is preferable to transfer the amount whenever you are switching a job. However, the employees also have an option to close their active EPF account and open a new one. Thus, undoubtedly EPF is known as the best long-term saving option that provides ensured income and saves your tax.

Features of EPF Balance

1. The Employees can transfer their accumulated balance anytime from one account to another. But this funds cannot be transferred to a third person account.
2. Along with the provident fund, the pension amount under Employee Pension Scheme (EPS) also gets deposited in the Employee’s new account. But for availing these benefits, the Government has mandated of having a minimum of 6 months of the work period.
3. For the fund transfer to take effect, both the EPF account must have all the essential information such as the employee’s name, father’s name, date of birth etc. any mismatch or unavailability of information can lead to the rejection of the transfer request.
4. The employees cannot transfer a portion of the EPF Funds to the new account and keep a few in the old account. The entire sum has to be deposited to the new account.
5. The EPFO has launched an online submission system to facilitate the transfer of the provident funds. For the withdrawal of the EPF amount, the members can apply through their current or previous employer.

Note

EPF Contributions at the Rate of 10%

A PF of 10% interest is applicable to the people who are working under the following establishments:

• A company with less than 20 employees on its payroll.
• Any organization that suffers losses equal to its entire net worth.
• Establishments coming under Jute, Beedi, Brick, Coir and Guar Gum Industries.
• Any other establishments decided by the Board of the Industrial and Financial Reconstruction.

EPF Balance for the Inoperative Accounts

According to the notification issued by the Government in the year 2016, the inoperative accounts will build up interests and will not be classified as Inoperative anymore. Earlier the EPFO has stopped paying interests to the dormant accounts. But after the release of the new amendment, all the inoperative accounts will receive interests at 8.8% per annum. There are basically two reasons why the accounts were getting inoperative- firstly, due to the cumbersome process while EPF Transfer and people switching jobs frequently and opening new accounts.

New EPF Withdrawal Forms for Easy Claims

As we have mentioned it earlier, the EPFO has released new forms that facilitate the withdrawal procedures of the Provident Fund Amount without the employer attestation. These forms are Form 19 UAN, Form 10C UAN and Form 31 UAN. We have already discussed the Form 10C in the above section. Due to the introduction of these forms, the procedures have been minimized while making claims and EPF Transfers. By using these new forms, the individuals can apply for Final Claim Settlement, Full Withdrawal, Partial Withdrawal, and Loans. Form 19 UAN is applied if an employee wants to resign from the service or the employer terminates the employment agreement. Form 10C UAN is used for making claims related to EPS and Form 31 is used for making partial withdrawals or advances. The preconditions for the EPF Withdrawal without an employment signature are as follows:

• Form 11 of the employee must be available in the EPFO records.
• He/she must have a valid UAN
• The bank details and the Aadhaar must be available in the KYC Data.

If the employee does not fit the above criteria, then he/she will have to make claims using the regular EPF Forms:

Provident Fund Rules for the Railway Employees

A Railway Employee contributes 8.5% of his/her salary towards the State Railway Provident Fund. The EPF Balance of the Railway Employees is maintained by the Railway Accounts Department.

Name Mismatch in the EPF Account

If in case your name is misspelled incorrectly in the EPF account, then the procedure to rectify it is quite easy.

• All you have to do is submit an EPF name correction form along with the employer’s statement and other supporting documents such as PAN Card, Aadhaar Card, Voter ID Card or Bank account Passbook.
• The name change application should be addressed to the EPFO Commissioner specifying the errors that are found in the existing employee credentials.

Currently, the EPFO is working on the portal and is introducing to report the problems online. This web portal is still in the testing stage. Once the web portal is implemented, people can log in through their UAN and submit an online application for the name correction.

EPFO Customer Care

The sites are handled for 24 hours by the Officials of the regional centers. You can also visit the nearest EPFO Centers to get the information related to your account.

Tax Deductions for EPF Accounts with or Without PAN

The Indian Government has introduced a new section in the Finance Act 2015, whereby PF withdrawals will be subjected to the tax deductions. As per the new rule, all the withdrawals over Rs 50, 000 will be taxable at source if the employee has served less than 5 years. Even the individuals below the taxable income range will have to ante up 34% towards “PF Withdrawal tax”. However, if the EPF Account is linked with the PAN, then the rate of the deductions will be 10% per annum and the rate of interest without PAN will be 34.6% per annum. If an EPF member has filed Form 15G and H at the time of joining then the tax of deductions are not applicable for the withdrawals below Rs 2, 50, 000. If the PF amounts are withdrawn for health purpose or business failure or any such emergencies then, the tax deductions are exempted. Therefore, it is ideal that you save your taxes by securing your EPF Balance with PAN Number.

EPFO Digital Signature for Employers

The Centers have urged to all the organizations which are under the EPF Scheme has to apply for the digital signature. Doing this can lead an easy verification of UAN Data. The employers can upload their digital signature through Online Transfer Claim Portal (OTCP) of EPFO.

How to Download EPF Balance Slips

At the end of the salary period, the annual statements of the PF accounts are published on the EPFO website. This can be downloaded by the users/employers through the E-Sewa Portal. The step by step process to download the EPF Balance Statement are:

1. Type the following URL in your webpage- epfindia.gov.in
2. In the EPFO homepage, click on the link “For Employers”.
3. From the services listed, select the “ECR/Challan Submission”.
4. This will redirect to the “Employer E-Sewa” page.
5. Click on the “Employer E-Sewa” link given on the page and sign in using the credentials.
6. In downloads tab, select download PF Slips and choose your desired location and save it in PDF.

The EPFO is expecting to launch a massive drive throughout the country with an aim to increase maximum member enrollments. The Government has also issued different guidelines on the PF Settlements under which the death claims will be settled within 7 days from the date of the application and retirement claims before the date of the retirement.

Thus, the Employee Provident Fund provides a social security to all the employees who pay in the present and reap benefits in the future.