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Employee Provident Fund (EPF) acts as a saving tool for employees. It is one of the most popular forms of long-term retirement savings in India. The employee and the employer contribute an equal amount towards savings that can be availed on retirement or after switching jobs. The EPF Act mandates 12% of an employee’s basic salary is to be contributed towards the EPF. Out of the 12% employer’s contribution, 8.33% is contributed towards the Employees’ Pension Scheme (EPS). Currently, the interest rates on EPF is 8.5% and this amount is credited to the account holder at the end of the financial year. You should keep checking your EPF balance at regular intervals. You can check the balance in your EPF account anytime from the comfort of your home or even the office.
Why is it important to check EPF balance?
Keeping a tab on the EPF balance can help employees plan their expenses as well as use the balance to apply for a loan. EPF account holders can use the balance to assess their asset allocations and accordingly modify their debt investments. An employee can check his or her EPF balance to confirm if the settled withdrawal/claim amount from the withdrawal amount from the EPF account is the same as the one reflected on the EPF account passbook. EPF balance check is an important step towards ensuring financial fitness as it indicates:
- Your total retirement savings to plan your future better.
- Timely and right EPF credits to your account. In case of any error in your PF report, you should check with your current or past employer to confirm that your PF has been deposited and updated in your EPF account.
- Estimates of the amount you are eligible to withdraw. Your eligibility to withdraw the EPF amount depends on your period of employment and purpose.
How to check EPF balance online?
Online PF withdrawal and checking facilities have made the entire process easier and less time-consuming. While there are options to check your EPF balance on the government portal, the interface is fairly complex.
MyLoanCare.in has a unique facility where you can check your EPF balance and download your detailed EPF report by simply entering your mobile number that is mentioned in your EPF UAN records and verifying by entering an OTP sent on the mobile number. The best part of this unique offering is that you also get a free annual credit score subscription, wherein you can get a free credit score and credit report every month.
Benefits of checking EPF balance online
The benefits of checking EPF balance online at MyLoanCare are :
- It is easy to use and fetches all details based on your mobile number and some other details. You don’t need to remember or enter your UAN No
- You can check the total PF balance and also plan if you need additional investments for your retirement
- You can check the amount of PF balance you can withdraw for various personal purposes as specified in EPFO rules
- Allows you to double-check your financial fitness as it also comes with a free monthly credit score and credit report subscription
- You can get to know your eligibility for a special loan and card schemes, that goes a long way in ensuring that you are never short of funds when required.
How to check EPF balance through MyLoanCare?
Here is a step-by-step guide to check EPF balance through MyLoanCare :
Step 1: Visit MyLoanCare.in and click on the EPF balance check.
Step 2: Enter a few personal and occupational details.
Step 3: Keep your PAN & mobile number ready.
Step 4: Verify two OTPs for credit report & PF statement.
Step 5: Get a detailed PF statement and credit report.
Benefits of checking EPF balance through MyLoanCare
With the help of MyLoanCare, you can check the EPF balance with your registered mobile number. You can check your available balance along with the employer’s contribution to the PF account. You can also check the employee and employer’s contribution amount. Further, you can also check your last employer’s name.
In conclusion, it is advisable to transfer your PF balance when you change job as it is a form of forced savings. With the advent of online aggregators such as MyLoanCare, you can check your available PF balance in just one click. All you need is your registered mobile number for this. Hence, EPF can be considered the best savings scheme as it gives high return with safety and assurance.