Introduction

The Employees' Provident Fund (EPF) is a retirement benefits scheme for salaried individuals in India, requiring both the employee and employer to contribute to the employee's retirement fund monthly. Withdrawals can be made after a specified period.

EPF Balance

The EPF balance represents the total funds in an employee's EPF account, including contributions from the employee and employer and the accumulated interest. It can be accessed online via the EPF portal, or through SMS, missed calls, and the Umang app.

How to Check EPF Balance

Employees can verify their EPF balance in several ways:
1. Through the EPFO portal: Access by logging in with a UAN and password.
2. Via SMS: Send an SMS with the format EPFOHO UAN to 7738299899 from a registered mobile.
3. Missed Call: Dial 9966044425 from a registered number.
4. Umang App: Utilize the Umang app by logging in with the UAN and OTP.

Transfer EPF Balance into New Account

Employees switching jobs can transfer their EPF balance to a new account online through the EPFO member portal using their UAN and password.

How to Withdraw EPF Balance

Withdrawal is possible during retirement, resignation, or unemployment. The process is conducted through the EPFO member portal by submitting the necessary forms and documents.

Interest on EPF Balance

The interest on EPF is determined by the EPFO Central Board of Trustees, compounded annually. The current rate is 8.25%.

How to Check EPF Balance of Inoperative Accounts

EPF accounts inactive for over three years are termed inoperative. These balances can be checked by the same methods as active accounts.

Conclusion

The EPF balance is a crucial element of an employee's financial planning. Regularly reviewing the EPF balance aids in monitoring retirement savings. Employees should familiarize themselves with checking balances, and be prepared for transfers or withdrawals when necessary. Consulting financial advisors or contacting the EPFO can provide further guidance on managing EPF accounts effectively.