Tag: fixed deposit

Provided Fund or EPF (Employees Provident Fund) is a savings scheme backed by government policies which help individuals to accumulate a large corpus up to their retirement. As per this scheme, 12% of the employee’s salary is contributed towards the EPF account every month and an equal contribution is made by the employer as well.

The rules and interest rate on the PF amount is decided by the EPFO (Employees Provident Fund Organization) every year, and the EPFO has also created an official portal to enable the individuals to check Provident Fund Status Online. Not only that, but the employees can also raise a claim to withdraw the PF amount using this online portal.

Let us see how an individual can check his/her PF status online:

The UAN number allotted by your employer must be registered on the EPFO portal to check your provident fund status online. If you do not know your UAN (Universal Account Number), then you can ask your employer.

Now, follow these steps to check your PF status online: 

  • Step 1: Go to the official website of EPFO. visit the PF website.
  • Step 2: To your extreme top left you will find ‘Our services’ option. When you click on it a dropdown menu will appear. Select ‘For Employees’ option from it.
  • Step 3: You will be directed to a new page where you will be able to see ‘Know your claim status’, ‘Member Passbook’ and a few other options under the ‘Services’ section.
  • Step 4: You can select the ‘Member Passbook’ if you want to check your PF balance. Also, you can click on ‘Know your claim status’ if you wish to check the status of your PF claim. After that, you will have to enter your UAN number and a CAPTCHA code.
  • Step 5: After that, you will be requested to select a member-id from a drop-down menu. After selecting the member-id you can click on ‘View Claim Status’ to know the status of your PF claim.

Alternatively, employees can also check their PF status by logging on to the UAN portal and following a similar procedure as described above. 

Investing in EPF is a good decision since your savings remain safe from changing market conditions, and the interest rate is also reasonably good. You can also think of investing in a fixed deposit if you wish to avail a higher interest rate.

However, the interest rates offered by bank FDs are quite less than those offered by Company FDs. Company FDs like Bajaj Finance FD can provide high-interest rate along with the safety of your invested amount as these deposits are rated highly safe by CRISIL and ICRA.

Let us see how you can benefit from investing in Bajaj Finance Fixed Deposit:

Interest rates 

Bajaj Finance FDs provide an interest rate of up to 8.70%, which is much higher than the current EPF interest rate. Therefore, retirees can grow their PF corpus upon retirement by investing in these FDs.

Laddering

You can start investing in a Bajaj Finance FD with a minimal investment amount of Rs. 25,000. The tenor ranges from 12 to 60 months and can be decided as per your choice. Such flexibility in investment terms helps you ladder your investments across different interest rate slabs and time periods, thereby ensuring maximum returns.

Bajaj Finance FD also allows you to invest in multiple fixed deposits through a single cheque using the multi-deposit facility. This feature enables you to choose different tenors and interest payout frequencies on your fixed deposits. You can predict your returns in advance by using the Online Fixed Deposit Calculator

Liquidity

Investors don’t need to break their FDs in times of financial crisis as they can avail a loan against Bajaj Finance FD. Such facility is not available with PF account.

Thus, investing in an FD is a safe and convenient option to multiply your PF corpus.

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