Provident Fund Balance Check Online

The employees’ provident fund organization (EPFO), has put in place an online mechanism for insured members to access their employee provident fund (EPF) account. EPFO’s online portal allows the insured members to view their provident fund passbook, a financial statement that contains history of transactions and entries of amount that are being deducted from their salary during the entirety of his/her employment years.

Forbes Advisor India has put in place a guide for employees to check their PF balance using EPFO’s online portal along with the need-to-know information on the PF account passbook. The PF balance can also be checked through SMS and or by giving a missed call on a government-specified telephone number. 

What Makes Provident Fund Attractive?

• Guaranteed scheme: The guaranteed scheme under the Ministry of Labour and Employment, EPFO guarantees the securities in principal and payment of interest or both.
• High interest rate: PF is popular amongst working professionals for its higher interest rate on the insured sum. The interest rate on EPF contribution by the government for the last eight financial years are as follows:
  • FY 2023-24: 8.25%
  • FY 2022-23: 8.15%
  • FY 2021-22: 8.10% 
  • FY 2020-21: 8.50%
  • FY 2019-20: 8.50%
  • FY 2018-19: 8.65%
  • FY 2017-18: 8.55%
  • FY 2016-15: 8.65% 
• Tax-free savings: If an insured member’s EPF contribution is below INR 1 lakh per year, the principal and interest amount is free from the tax radar. For government employees, the amount will be taxable if it exceeds INR 5 lakh.
• Universal Account Number (UAN): The unique UAN number is provided by the EPFO to an employee to access their PF passbook, check PF balance, etc. One is required to maintain only one or the same UAN even after changing the company. The UAN number is usually mentioned on salary slip, or obtained from the employer.
• Member ID: Each establishment registered with the EPFO is allotted a unique member identification number. These IDs help an employee to check their PF statement as per office they’re currently employed as well as transaction history from previous offices.
• Life Insurance (EDLI): The employee deposit linked insurance (EDLI) is an insurance cover provided by the EPFO. Under the cover, the nominee can avail of a lump-sum payment of up to seven lakh in the event of the death of the insured during the service period. The contribution is made by the employer subject up to a maximum of INR 75 per month.
• Other similar long-term savings schemes include:
  • National Pension Scheme (NPS): A voluntary retirement scheme under Department of Posts for working professionals, with options to avail of benefits on tax, and earn interest rate up to 12%.
  • Senior Citizens Savings Scheme (SCSS): The Department of Posts runs SCSS retirement savings scheme for senior citizens above 60 years of age, with INR 1,000 per year as the minimum contribution, and earn a 7.4% interest rate as of quarter ending Mar 31, 2022
  • Public Provident Fund (PPF): Another long-term savings scheme under the Department of Economic Affairs, which comes with tax benefits, with INR 500 per year as the minimum contribution. 

How To Access Your PF Passbook Using EPFO Portal?

The EPFO provides its members with a UAN number to access their PF account via its online portal. Below are the steps to access a PF account using the EPFO portal.

• Login in to www.epfindia.gov.in
• Hover ‘Services’ tab and select ‘For Employees’
• Under services section, select ‘Member Passbook’
• Enter UAN/Universal Account Number
• Password
• Answer security question

Note: It is mandatory for insured to activate their UAN from EPFO website and create a login user ID and password.

How To Calculate PF Balance?

The PF amount is fixed as per various scenarios, such as the company’s employee strength, their salary amount, to name a few. Here, we discuss the most applicable scenarios on which your PF is being deducted every month from your salary.

Scenario One: If an employee’s salary is less than INR 15,000 (per se, 12,000), one has to contribute 12% from the salary as EPF deduction and the employer will match and deposit 12% from their end. However, the employer’s side of 12% gets divided; of which, 3.67% employer share is deposited as EPF and 8.33% as pension contribution, or EPS.

• EPS, which refers to the employment pension scheme, is a share of the amount contributed only by the employer and not by an employee.

Scenario Two: Another popular option opted by employees who draw a decent salary, per se INR 50,000, and decides to opt for a PF with a minimal fixed contribution of INR 1,800 per month (12% of INR 15,000) each by an employee and an employer. Here as well, the employer’s side of 12% gets further divided to 3.67% as employer share and 8.33% as pension contribution.

Scenario Three: Some employers also avail of a full EPF option to employees to increase deductions to 12% of their full salary. For instance, if an employee draws INR 30,000 full salary, the insured will contribute 12% (12% of 30,000) as EPF. However, the employer’s share may remain unchanged at 12% of minimal fixed deposit of INR 15,000 (3.67% as employee share and 8.33% as pension contribution), which is subject to INR 1,800 per month (12% of 15,000).

Note: As part of the scheme, the government contributes a certain share on the employees’ total PF balance. Every financial year, the EPFO decides on the rate of interest for PF in consultation with its central board of trustees.

PF Withdrawal: Things to Consider

• The EPFO allows insured to withdraw up to INR 1 lakh of their PF money in case of a medical emergency and hospitalization. 
• An insured can withdraw the full PF amount once they retire at 55 years of age.
• The interest rate on PF becomes inoperable after the member retires at 55, or migrates to foreign countries.
• Members who are leaving the service before 55 years of age should file claims maximum by the age of 58 years. 
• The beneficiary should file a claim maximum within three years from the date of death of a PF insured member.

Bottom Line

Although an employee’s salary slip provides an idea of PF deduction in the CTC break-up, it is important to check the passbook regularly and maintain the balance as the scheme comes with various benefits. Moreover, the provision to view the PF passbook online lets employees check if there are any defaults in deposits by their company.