A provident fund is a retirement savings plan maintained and regulated by the government. Each month, employees whether private or government contribute to their pension fund through their provident fund. The money saved each month is eventually built into a sum that can be withdrawn in one go upon retirement age or leaving their current job.
The Provident Fund Organization (PFO) has introduced many changes to make it easier for its members to access information about their Provident Funds. There are no more waits for PFO subscribers to receive their PF statements from their employers at the end of a financial year. A PF account holder can now check their account balance online whenever they want. After each quarter, PFO subscribers can check their PF balance after PF interest disbursal has been paid to their accounts.
Here are the simple fours ways to check PF account balance
Utilizing the Umang app
Employees can check their PF balances on mobile phones with the Umang app. Several government services are now accessible in the Umang app, launched by the government to facilitate access to them in a single place. The app allows one to view their PF Passbook, raise claims, and even track them on their own. To begin using the service, you must complete a one-time registration process using your phone number.
Using the PFO portal
The PFO now offers users a separate website for accessing their PF passbooks instead of the unified portal. It is still possible, however, to use the unified portal to perform transactions such as transfers through the centralized portal. You must tag your account with your Universal Account Number (UAN) to be able to view your PF passbook on the portal. The PF passbook can be downloaded or printed from the website anytime. Follow these steps:
- You can get your member’s passbook by visiting the website at www.pfindia.gov.in.
- Under the ‘Our Services tab, click on the ‘For Employees’ tab
- Click on Member Passbook’ in the top right corner of the ‘Services’ button.’
You must make sure that your employer has activated your UAN before being able to access the passbook of your PF account. Please remember that the PFO gives you your UAN, but it must be verified by your employer and activated before you can use it. Then, if your password has already been set up, you can use it along with that password to log in and check your passbook balance.
By Using SMS
By sending an SMS to the official number, you will be able to get the details of your latest contribution and your PF balance if your UAN is registered with the PFO. To send an SMS, you must use the mobile number of your UAN.
By leaving a call
You can get the details by calling the official toll-free number from your registered mobile number as long as you are registered on the UAN website. For validation. the UAN must be registered with your bank account number, Aadhaar number, and PAN number. It is also possible for your employer to seed them if you wish. It is free of charge to use this service.
Benefits of Provident Fund
Tax-free
There is a specific interest rate that you can earn on your deposit under this scheme. The interest earned is tax-free except if there is a premature withdrawal (before five years of service completion) of funds.
Providing long-term security
Employees can withdraw PF funds from an employee’s account before they reach age 58. Therefore, it is hard for them to withdraw money, which helps to save money. Similar to fixed deposits, PF is a secure investment scheme.
Unemployment
It is important to remember that these funds can help in times of need if an employee loses their job in any circumstance.
Death
An employee nominee will receive the full amount and interest in event of their sudden death similar to fixed deposit schemes.
Obtain a loan
Employees are only eligible to take out a loan if they are experiencing an emergency. To withdraw the funds, you will need to submit Form 31.
