What is EPF Balance?| North Loop Official Blog
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04 Dec 2020

What is EPF Balance?

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Introduction -

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 The interest earned on the EPF balance and the money withdrawn after the specified period is also exempt from tax.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.

Conclusion -

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.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.