Tag: provident fund

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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Traditionally, employees found it difficult to check their PF claim status as there was no way to do it except visiting the local EPF office. However, now you do not need to visit the EPFO office or depend on your employer for knowing your PF claim status. 

Let us see how you can check your PF claim status using your mobile phone:

Umang App 

The Government of India has launched multi-functional mobile apps like the Umang app that enables you to fetch all the details regarding your PF account on the go. You can access your PF account passbook, raise a PF claim, and also track your PF claim status using this app. This app is available for both Android and iPhone users. 

Missed call

Now you can send a missed call on 011-22901406 from your registered mobile number to know your PF claim status. The call with get automatically disconnected after a few rings, and you will receive the PF claim status update as an SMS on your phone. However, for that, your UAN number should be linked with your PAN, AADHAAR number, and bank account number. This service is toll-free, and you can use both regular phones and smartphones to check your PF claim status.

SMS

Employees who have activated their UAN can also check their PF claim status by sending an SMS on 7738299899 from their registered mobile number. They need to type EPFOHO UAN and send it on the aforementioned number.

The SMS facility can be availed in ten languages and if users want to access their PF details in any other language apart from English, they need to also include the first three characters of the language after the UAN. For example, users who want to check their PF claim status in the Hindi language will send SMS as ‘EPFOHO UAN HIN’ on 7738299899.

How can you multiply your PF corpus?

If you decide to withdraw your PF amount after leaving your job or upon retirement, it makes sense to look for investment options that can help you grow your PF corpus. EPF is a debt-focussed investment, and hence, it fails to provide good returns when the inflation levels in the market are very high. The Government decides interest rate for EPF depending upon the liquidity in the system. The interest rate changes every quarter.

However, there is a better investment alternative like Company FD, which offers better returns than EPF and most other fixed-income investments. Here, the interest rate doesn’t change every quarter since these deposits are not directly linked to RBI interest rate movements.

Moreover, some company FDs like Bajaj Finance FD provide interest rates up to 8.9%, which is much higher than the current EPF interest rate. Let us see how you can benefit from investing in Bajaj Finance FD:

  • High returns- As shown in the table below, you can earn up to 54% ROI (Return On Investment) with Bajaj Finance FD. It is difficult to earn similar returns with other investments in this category.
Investor Type Interest rate Amount Tenor Interest ROI
New customer 8.6% Rs. 25,000 5 years Rs. 12,765 51%
Senior citizens 8.95% Rs. 25,000 5 years Rs. 13,377 54%
Existing customers 8.85% Rs. 25,000 5 years Rs. 13,202 53%
  • FD calculator – You can use the Online FD calculator to predict your returns in advance. This FD calculator lets you calculate the final amount at maturity on the basis of tenor and type of FD you are choosing. Therefore, you get a precise estimate of your earnings, which you can use to plan your future expenses.
  • Safety – Bajaj Finance FD is accredited for its safety and stability by renowned credit rating organizations like CRISIL and ICRA. Therefore, your investments are completely safe. Your invested capital remains unaffected by the market fluctuations and changing economic conditions. 

Company FDs are an ideal investment option to diversify your investment portfolio and mitigate the risks of other high-risk investments in your portfolio. You can invest in an FD with short tenor to beat inflation and earn high returns in the short-term

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