PF is the most basic superannuation fund that is formulated by the government to ensure a stable retired life for every employee in India. Managed by the Employees’ Provident Fund Organisation (EPFO), it is a compulsory scheme, under which your employer deducts a fixed amount from your salary and adds it to your PF account, along with their contribution.
Both, the employee and their employer, each contribute 12% of the basic pay + dearness allowance of the employee. The government pays you interest on the fund. The interest rates may change every quarter.
Checking your PF balance
Provident Fund (PF) is generally the first investment instrument that a salaried employee person starts with. Keeping a track of your PF balance is important as it helps you plan for your retirement finances beforehand and even helps you decide how you should diversify your investment portfolio.
Many people assume that checking PF balance is a big hassle and thus avoid learning how to do it all together. Actually, it is a pretty simple process and will not take you more than five minutes once you have your Universal Account Number (UAN). In case you don’t have it, just ask your office for it.
There are a number of ways to track your money:
- EPFO portal: The easiest way is to check the balance of PF online. Visit the EPFO portal, under ‘Our Services’ option, select ‘Member Passbook’ option. Insert your UAN and password and you’re done. Alternatively, there is also an EPFO mobile app that lets you access your PF online.
- SMS: Using your registered mobile number, send an SMS to 7738299899 with the text EPFOHO UAN ENG (ENG: your preferred language). This facility can be availed in various regional languages like Hindi, Punjabi, Bengali, etc.
- Missed Call: Make sure that your UAN is linked with Aadhaar, PAN Card, and your bank account. After this, give a missed call to 011-22901406 with your registered mobile number.
- Umang App: In 2017, all government services were brought under one platform – Umang app. After a one-time registration with your registered mobile number, the app facilitates all services from checking your PF passbook to tracking the claim.
Getting the best out of your PF
You get your PF amount upon retirement or you can even withdraw it before that. Whatever you go for, it’s vital that this hard-earned money, which has been accumulated little by little, over the years, gets utilised optimally or even grows once your income stops.
Investing PF money in FD has proved to be a smart choice for many salaried investors. With the latest Employee Provident Fund interest rates investing in a high-paying FD like Bajaj Finance, Fixed Deposit can boost your savings significantly.
Bajaj Finance FD gives higher returns than bank FDs and traditional PPF. It has India’s highest credit ratings – CRISIL’s FAAA/Stable rating and ICRA’s MAAA (stable) rating, which means you can rest assured about getting guaranteed interest payment and principal repayment.
Bajaj Finance Fixed Deposit gives you the flexibility of cumulative and non-cumulative deposits along with other benefits like loan against FD, auto-renewal, the online application process, and much more.