How one can Test EPF Steadiness? Here is The Step-By-Step Information

The workers’ provident fund (EPF), which is simply open to staff or salaried workers working within the firms or enterprise institutions registered underneath the EPF Act, is a retirement fund that’s deducted each month from the wage of the workers over the interval of his tenure. It’s presently providing an curiosity of 8.15 per cent. If you wish to verify you EPF steadiness, right here’s the step-by-step information:

By means of Missed Name

Give a missed name to 9966044425 out of your registered cell quantity. If the UAN of the member is seeded with your checking account quantity, Aadhaar and PAN, you’re going to get particulars of the final contribution and PF steadiness.

By means of SMS

Ship an SMS to 7738299899 out of your registered cell quantity.

“EPFOHO UAN” to 7738299899.

By means of UMANG App

You can too verify your EPF steadiness on the UMANG app.

Other than this, you can even go to EPFO on-line portal to verify the steadiness.

EPF Withdrawal

Although EPF is a retirement fund that’s paid as a pension to workers after retirement, the workers may also withdraw in few situations. An EPF account holder is allowed to withdraw as much as 75 per cent of the corpus after one month of remaining unemployed and the remaining 25 per cent could be withdrawn after two months of unemployment.

In you wish to submit the EPF withdrawal declare, it is best to think about the next components to keep away from rejection. These are the explanations for rejections of EPF withdrawals:

Inaccurate Particulars

One of many essential causes for denial of a withdrawal declare is that the small print given don’t match the data accessible with EPFO. The title and date of start of the claimant ought to be matching with the EPFO document.

Incomplete KYC

This is likely one of the causes even when particulars are correct. If in case your KYC particulars usually are not full and verified, EPFO reserves the appropriate to reject the withdrawal declare. So, to keep away from the delay or rejection of requests repeatedly, it’s steered to finish the KYC formalities earlier than making use of for withdrawal.

Aadhaar and UAN not linked

For withdrawal functions, seeding of Aadhar and UAN is required, with out which the request could be declined by EPFO, a statutory physique taking care of all issues associated to provident funds in India.

Financial institution Particulars Not Up to date

One other attainable purpose for the denial of a request could be the non-updation of financial institution particulars. PF account holders are required to present the operational checking account quantity and IFSC code on the EPFO portal. For any settlement, EPFO asks the claimant to make sure checking account particulars within the login part are appropriate.

Unclear Signature

In case your signature doesn’t match the one accessible in official data, there isn’t any chance of withdrawing the cash out of your PF account. So, to keep away from any delays you have to guarantee your signature is just not solely clear however should match the official data.

EPF is presently providing an curiosity of 8.15 per cent. EPFO had lowered the curiosity on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about 5 crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the bottom since 1977-78, when the EPF rate of interest stood at 8 per cent.

The 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by CBT in March 2021.

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