For individuals working in an organization offering Provident Fund facilities, checking their account statement has become much easier now. Previously, you could check the Provident Fund statement only when the employers shared it. However, now you can avail of various online services to review your balance with ease.
Even though many don’t bother with it, it is essential to check your provident fund account from time to time. Your PF account receives monthly contributions through deductions from your salary. Also, equivalent contributions come from your employer. That is why, to keep track of the inputs, you must keep yourself updated with your provident fund account.
Why should you check your provident fund account?
There are several benefits you can avail from the employee provident fund. To ensure that you receive them it is crucial to keep track of your account.
Some of the benefits associated with it include:
- It is one of the best-saving schemes in India for people with low risk.
- It is one of the types of deposits that help you build up your savings to fund your necessities after retirement.
- It does not need any lump sum investment. It can help to build up a sizeable amount of savings with small deductions every month from your salary.
- It helps you to avail of certain tax concessions.
- Since you can withdraw funds from your provident fund, it can act as an emergency back-up.
Five ways you can check your provident fund account online
To enjoy the benefits of provident fund, you can avail the following methods-
- Umang App
The Umang App was launched by the Government of India last year to help individuals gain access to various government services via a single platform. The app can be easily downloaded on all smartphones and can give you a detailed view of your provident fund account. You can view your Employees’ Provident Fund passbook, raise a claim and track the claim here.
To use this app, you need to register yourself using your mobile phone number.
- The portal for EPFO
The Employees’ Provident Fund Organisation of India or EPFO has its website where you can access your EPF passbook. Previously, the same could be done through the government’s unified portal. However, you can still use the unified portal for multiple other services.
If you want to view your provident fund passbook on the EPFO portal, you need to log in to the website using your Universal Account Number or UAN.
However, to check your account statement, you need to ensure that your employer has activated your UAN. This is because even though EPFO provides the UAN, your employer needs to verify and activate it.
- Through the EPFO app
You can download EPFO’s m-sewa app on your smartphone through the Google Play Store. After downloading the app, click on “member” and then on “balance/passbook”. After doing that you can check your PF statement by entering your UAN and mobile number.
- Other methods
Apart from these online methods, there are two other ways through which you can check your PF account statement. If you have already registered your UAN with EPFO, you can send the SMS-EPFOHO UAN ENG to 7738299899 and learn about your latest contribution to your EPF.
You can also get your EPF details by giving a missed call on 011-22901406 from your registered mobile number.
Therefore, these are the easiest ways through which you can access your PF account statement online. Provident fund is one of the most beneficial deposits that can help you finance your needs after retirement. However, if you are also looking to invest in alternative schemes that have low risks and yield high returns, you can look into fixed deposits. There are many reasons why FD is better than any other investment schemes in India and build knowledge.
Fixed deposits come with numerous benefits like high-interest rates, high stability, flexible tenors, etc. making them extremely profitable. Especially with products like Bajaj Finance Fixed Deposits, you can avail of interest rates of up to 8.95%.
Thus, if you are looking to build your savings for the future, you can look into fixed deposits as one of the investment options. Besides your provident fund, an FD can help to build a financially secure future.