Investing in EPF (Employees Provident Fund) is considered as a necessary financial step for your retirement, as it comprises both you and your employer’s contribution – in accumulating your corpus. It is imperative to know how to perform an EPF balance check to plan for your retirement efficiently. This will provide you with an insight into how much savings you have accumulated, if it matches up to your financial goals, and whether you need to reinvest it to earn a more sizeable income.
It is crucial from the part of an investor to know how much he/she has saved via EPF account as it is a significant corpus that can be earmarked for essential financial goals. Now, with various options available, you can perform an EPF balance check to consider re-investing it in future to attain your financial proposition.
Here are some of the ways you can check EPF balance on mobile –
Via SMS service
If an EPF holder has registered his UAN (Universal Account Number) with the EPFO, he/she can check his/her EPF balance by sending an SMS. All he/she needs to do is send an SMS to 7738299899. The text message must include EPFOHO UAN ENG. Here, ENG is the first 3 letters of one’s preferred language. The other supported languages include Bengali, Hindi, English, Malayalam, Telugu, etc.
Through EPFO portal
Another way of performing EPF balance check on mobile is by visiting the official portal of EPFO: www.epfindia.gov.in. Open this website on your mobile browser; navigate to ‘Our Services’ section and click on ‘For Employees.’ Then select ‘Services’ from the tab and click on ‘Member Passbook’ tile. Then, you will be prompted to enter the UAN and password to view your online passbook.
Keep in mind that although the EPFO provides UAN, your employer must activate it for you to avail these services.
Via Umang app
The Indian Government has launched the Umang mobile application to make it convenient for PF holders to perform EPF balance check. With this application, you can also raise or track a claim from the app itself. All you are required to do is register by entering the OTP sent to your mobile number.
By giving a missed call
If an EPF holder has registered and activated his mobile number on the UAN portal and has completed KYC for his UAN, he/she can check his EPF balance – simply by giving a missed call.
You need to give a missed call at 011-22901406 from your registered mobile number. Your phone will automatically disconnect after two rings, meaning you do not need to pay any charges for EPF balance check. You will receive details of your PF account in the form of a text message. The details include balance, last contribution, etc.
With this information, checking your EPF balance is easier than ever. Similarly, it is equally convenient to withdraw your PF corpus and re-invest it on more high-return options like fixed deposit from companies like Bajaj Finance.
Employees Provident Fund is a debt-based long term investment option which does have any exposure to the market whatsoever. Hence, it can fetch you negative returns as well when the inflation spikes. Thus, it makes more sense to withdraw your EPF corpus and re-invest it in high-growth and secure investments like FDs.
Why invest in a Fixed Deposit?
If you are wondering how is fixed deposit better than any other investment option, it offers fixed and guaranteed returns. Besides, the interest rate offered by fixed deposits is higher than other long term investment avenues and also aids in your liquidity status and meets your emergency monetary crunch.
Further, you need not worry about the safety of fixed deposit investment from top financers and NBFCs if it is guaranteed by ICRA’s MAAA and CRISIL’s FAAA highest stability ratings. Plus, senior citizens enjoy an additional return of 0.35% over generally applicable fixed deposit rates. These aspects make FDs one of the best investment options to multiply your savings.
With the methods mentioned above, perform an EPF balance check or withdraw it to multiply your corpus with a high-yielding investment tool.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at HighlightStory