The Employee Provident Fund (EPF) is a vital part of any salaried professional’s financial plan. It not only acts as a vital safety blanket in the times of emergency but also serves as an excellent tool for long-term saving. However, the overall benefit of EPF can only be harvested when there is an active interaction with it. This includes regularly checking the EPF balance. In this article, we will dive into why one should check their EPF balance and how they can do so, effortlessly.

Why Should You Check Your EPF Balance Regularly?

  1. Financial Planning: An updated insight into your EPF balance can help craft comprehensive financial planning. Knowing the accumulated amount in your employees provident fund enables you to plan your investments, loans, and retirement funding more effectively.
  2. Error Detection: Due to human or technical errors, there can be discrepancies or delays in the employer’s contributions. Regularly checking your EPF balance will help you detect any such errors or inconsistencies.
  3. Assessing Employer’s Contribution: Employers are legally required to make monthly contributions equivalent to 12% of the employee’s basic salary towards the EPF account. Regular balance check-ups ensure that your employer is making these contributions promptly.
  4. Financial Emergencies: In times of financial exigencies like medical emergencies, EPF serves as a quick source of funds. Regular balance checks can help you be aware of the readily available funds.
  5. Retirement Planning: Your EPF balance forms a crucial part of your retirement corpus. Therefore, monitoring it regularly will aid in effective retirement planning.

How to Check Your EPF Balance Regularly?

  1. EPFO portal: You can check your EPF balance on the Employee Provident Fund Organisation’s (EPFO) official website. After logging into the portal using your UAN (Universal Account Number), PF account number, and password, you can download your e-passbook which contains the updated EPF balance.
  2. UMANG App: The Unified Mobile Application for New-age Governance (UMANG) is a common platform for all Indian citizens to access pan-India e-Gov services. This app also provides easy access to check PF balance.
  3. Missed Call: EPFO’s new initiative allows members to check their balance by giving a missed call on 011-22901406 from their registered mobile number.
  4. SMS Facility: By sending a simple SMS ‘EPFOHO UAN LAN’ to 7738299899, subscribers can receive updated balance details.

Conclusion

Keeping a regular check on your EPF balance helps you maintain a good track of your savings and contribute towards disciplined and well-planned financial habits. However, it is crucial to note that investment decisions should not solely oversimplify financial instruments. Each investor’s financial goals, risk tolerance, and investment horizon are different, and thus, their investment decision should reflect these unique factors.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Every individual must carefully evaluate all the pros and cons before making any decisions related to trading in the Indian financial market.

Summary

Regular monitoring of your EPF balance is crucial for comprehensive financial planning, detecting discrepancies in contributions, assessing employers’ promptness in contributing, managing financial emergencies, and retirement planning. There are multiple avenues to check PF balance regularly, including the EPFO portal, UMANG App, missed call service, and SMS facility. However, all investment decisions should be well thought out and should align with unique financial goals.

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