EPF Balance - Check Balance via Portal, Umang App, Mobile Number, SMS
Unveiling the Essentials: How to Check and Understand Your EPF Balance
Employee Provident Fund (EPF) stands as a financial reservoir where a slice of your monthly salary is diligently set aside to craft a robust retirement savings plan. Your EPF balance, a reflection of your accumulated contributions, marks a pivotal aspect of your financial journey. Here's a guide on how to navigate and comprehend your EPF balance seamlessly.
1. EPF Balance: Decoding the Basics
EPF balance represents the cumulative sum of your monthly salary contributions channeled into the EPF account, distinctly tagged under your name and associated with a specific date.
2. Diverse Channels to Check EPF Balance:
a. EPFO Portal or UAN Number: -
Navigate to the EPFO's member portal. - Opt for the 'Know your balance' feature. - Input your PF account number and registered mobile number for a comprehensive balance update.
b. UMANG App: -
Install the UMANG app on your smartphone. - Register with your mobile number to gain instant access to your EPF balance.
c. Missed Call or SMS Service: -
Execute a missed call on the registered mobile number or send an SMS to the designated number for swift balance details.
d. PF Passbook Portal (Without Registered Mobile Number): -
Log in to the PF Passbook Portal using your UAN and password to explore your balance sans a registered mobile number.
3. Contribution Dynamics: Employer and Employee Perspective
Both employer and employee contribute 12% of the basic salary to the EPF account.
The employee's entire 12% contribution flows into the EPF account, while 3.67% of the employer's share is routed to the employee's EPS.
4. Tax Implications: A Silver Lining
The employer's contribution to the EPF enjoys tax exemption.
Employees can leverage tax deductions under Section 80C of the Income Tax Act.
5. The Significance of EPF Balance: Building a Secure Future
EPF balance serves as a cornerstone in constructing a robust retirement savings foundation.
6. Conclusion: Navigating Your Retirement Savings
Unveiling your EPF balance is a pivotal step in understanding your financial landscape.
Explore multiple avenues such as the EPFO portal, UMANG app, missed call or SMS service, and PF Passbook Portal for a comprehensive balance check.
Empower yourself with the knowledge of your EPF balance, a financial compass guiding you toward a secure and prosperous retirement.
Disclaimer: Procedures and guidelines are subject to change. Verify details through official sources for the latest information.