EPF balance is the total amount of your salary that gets deposited in the EPF account under your name.
In this article, we will tell you about the tax structure on your EPF
balance and the interest accrued on it. But before we begin, let us read a bit about EPF.
EPF or the Employees Provident Fund is a retirement benefits scheme that is available to all salaried employees to build a significant corpus and cover their financial needs post-retirement.
How much EPF gets deducted from your salary?
The EPF balance gets determined based on the percentage of the salary deducted every month. The Provident Fund India
works by building a monetary reserve from the contribution extended by both employees and their employer each month. Around 12% of the employees’ monthly salary gets contributed to the Employee Provident Fund Scheme
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Interest on EPF balance -
The interest rate is 8.75% pa, and it gets calculated on the accumulated balance
present in the EPF account on the 1st of April, every year.
The Tax Structure of EPF Balance -
Both the employer and employee contribution to the EPF is tax-free. The interest earned on the EPF balance and the money withdrawn after the specified period is also exempt from tax.
How to check the EPF amount?
If you want to know how to check EPF amount, continue to read further.
The EPF PF balance check can get done by various methods. Some of these are as follows -
EPF PF balance check via the official website -
You can check your EPF balance on the EPF India website using your Universal Account Number or UAN. It helps you to access your EPF balance under one single window. All your EPF contributions under different EPF numbers (in case of multiple employers) can get accessed using your UAN. It is easy to check as well as transfer/withdraw EPF balance via this method.
Steps to be taken after opening the EPFO’s member portal -
Select the ‘Know your balance’ option available at the bottom of the screen
Select the location of your regional EPF office
Enter your PF account number and mobile number
EPF balance enquiry online by name or on mobile -
If you want to know how to check EPF balance on mobile phone, you can use your UAN instead of the PF account number on the EPFO member portal. After providing your mobile number, name, UAN and selecting your EPF state and city, you will receive an SMS stating your EPF balance.
You can also download the UMANG app to check your EPF balance on a mobile phone. Now that we have discussed how to check EPF balance on mobiles, let us read out about the steps you can take if you do not have your UAN details and want to find it.
Provident fund number search by name -
For knowing your UAN, a provident fund number search by name can get done. For that, you will have to visit the EPFO member portal and select the ‘Know your UAN status’ option under the ‘important links’ section.
After getting redirected to another page, you will need to provide details like your current member ID or EPF account number, name, date of birth, mobile phone number, email etc. Once you submit these details, your UAN will get send to you on your registered mobile number and email.
Some points that you should know before checking your EPF balance -
Your UAN number should already be activated.
PF balance check is available for current as well as previous organizations.
It takes around 24 hours for EPF balance to get updated.
EPF is a retirement fund created to encourage the habit of building savings for retirement. Also, the fact that the balance in the EPF account and interest earned on it is tax-free is an added advantage.
You can check your EPF balance effortlessly by using your UAN or by following the other steps mentioned above.