This is for our readers who is working class who bears the deduction on their salaries, PF contribution is one of deduction but in returns. Employees’ Provident Fund (EPF), popularly called PF may be a government established savings scheme for workers of the organised sector. The charge per unit is said each year by the retirement pension body EPFO. If you wish to test the balance of your PF account, you'll have a go at it in four ways – SMS, Missed Call, Umang App and EPFO official website.
The UMANG (Unified Mobile Application for New-age Governance) mobile app, developed by the Ministry of Electronics and data Technology (MeitY), allows users to test the deposits made in their Provident Fund (PF) account.
You can check your EPF balance and find your PF passbook on the Umang App by simply logging in using your UAN and OTP. Umang App is on the market on Google Play Store and Apple App Store.
Steps to test EPF balance using Umang App:
1) Open the Umang app on your smartphone and choose your preferred language.
2) Get your mobile number verified and register.
3) Click on the ‘All Services’ option.
4) Find and choose ‘EPFO’ from the list of options.
5) Click on ‘View Passbook‘ to test your EPF balance.
6) Enter your UAN and click on on Get OTP.
7) Enter the OTP and click on on ‘Login’.
8)You will get OTP on your registered mobile number.
9) Follow the steps that appear next on your mobile screen.
10) Your passbook are displayed on the screen together with your EPF balance.
Employees Provident Fund Organisation has retained an 8.5 per cent charge per unit on EPF for 2019-20 for its over six crore members as decided earlier and also began crediting the identical into their accounts. The EPFO in September 2020 decided to retain 8.5 per cent rate of interest. But, it had split the speed of return into two components of 8.15 per cent (from debt income) and 0.35 per cent (from capital gains) from the sale of ETFs (exchange-traded funds), subject to their redemption by 31 December 2020.
Conclusion. EPF comes under Employee Provident Fund and Miscellaneous Provisions Act,1952. EPF is an excellent saving scheme for building a sufficient retirement corpus for salaried employees. Get to know everything about Employee Provident Fund (EPF) ... ends, interest rate is calculated for the month-wise closing balance and then for the entire year please follow our next blogs on the same. We are working on it in a easiest way to go thru in simple terms, safeguard, life after retirement etc..
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