EPF (Employees Provident Fund) is an investment scheme run by the Government of India via the EPFO (Employees Provident Fund Organization). It is one of the most preferred investment options in India as it allows employed individuals to invest a percentage of their income every month at a high interest rate.
An equal sum is paid by the employer as well and the accumulated amount can be withdrawn after 15 years of service or after 2 months of unemployment.
If you want to know how to check PF balance online, then follow the below steps:
- Step 1: Visit the EPFO portal and login with the help of your UAN ID and password.
- Step 2: If your UAN i.e. Universal Account Number that is provided by the employer is not activated then get it done first. Upon activation of the UAN, you can follow the below steps.
- Step 3: Find the ‘Our Services’ option and click on it. Choose the ‘For Employees’ tab from the drop-down menu that appears after clicking.
- Step 4: Here, you will find a section called ‘Services’ under which there will be an option called ‘Member Passbook’. Click on it and enter your credentials i.e. UAN and password for viewing your PF balance.
Alternatively, you can also check the PF balance via SMS, missed call, or through the UMANG App. EPF allows you to multiply a part of your income quickly but it is a long-term investment option. Corporate FDs in India can be used to secure EPF withdrawals, allowing employees to maintain a steady flow of funds after retirement. For meeting your short-term objectives and fund requirements, you will need to find an investment alternative that offers as high returns as EPF does but with a flexible tenor and lenient withdrawal options.
One such scheme is offered by Bajaj Finance in the form of fixed deposit plans. The FD rates of a Bajaj Finance Fixed Deposit Plan can be as high as 7.25%. Regularly checking your EPF balance is an important financial tip as it helps you track your retirement savings and plan for the future. On top of that, you can pick an investment period from 12 to 60 months as per your financial plans and goals. The other benefits of this FD scheme are stated below:
FD calculator
If you are not able to decide the amount and tenor that can fulfill your financial objectives or plans then you can use the FD calculator provided on its portal. It is an efficient online tool that allows you to pick a plan that complements your financial plans by providing a precise estimation of the returns before investing in an FD plan.
Moreover, it enables you to choose between non-cumulative and cumulative FD types by showing the returns of both FD types simultaneously
Minimum deposit amount
You can invest in this FD scheme even if you have just started earning. This is because it allows you to start with a minimum deposit of Rs. 25,000. A 0.10% higher FD interest rate will be applicable if you pick the online investment process by utilizing an online FD form that is provided on the official website of Bajaj Finance. If you are a senior citizen then you will be eligible for a 0.25% higher FD rate irrespective of whether you choose the online or offline investment mode.
SDP
If investing a bulk amount is not your cup of tea then you can invest in the SDP i.e. Systematic Deposit Plan of Bajaj Finance. This investment option gives you the benefits of an FD with an investment method that can be compared to an RD or a SIP of mutual funds.
A deposit starting from Rs. 5000 needs to be made every month and the number of deposits can range from 6 to 48 depending upon your choice of SDP variant and convenience. The SDP variant Single Maturity Scheme enables you to withdraw all your monthly deposits on a single date by reducing the tenor of subsequent deposits. Utilizing your Employee Provident Fund (EPF) balance to partially repay your home loan can further enhance your tax savings under home loan tax benefits. On the other hand, the other variant called Monthly Deposit Scheme enables you to pick the same tenor of up to 60 months for each of your deposited amounts.
This deposit scheme is ideal for investors who have just started earning. It is also a safe investment option as it has also received high credit ratings by credit rating agencies like CRISIL and ICRA for being a stable and safe instrument.
EPF is a good investment option as it provides considerable returns over a long tenor. It is easy to check PF balance via the online portal of EPFO or you can also check it via SMS, missed call, and the UMANG APP which was launched by the Government of India. However, if you need an investment option that provides sufficient returns and a flexible tenor that enables you to pick an investment period according to your financial aspirations, you can invest in a Bajaj Finance FD.
This is because it offers an FD interest rate as high as 7.25% and also provides a tenor from 12 to 60 months. A minimum of Rs. 25000 needs to be deposited to invest in this FD scheme and if you are not looking for a one-time investment like FD then you can think of its Systematic Deposit Plan that provides the benefits of an FD via monthly deposits.