Employees’ Provident Fund (EPF) is a retirement plan managed by the Employees’ Provident Fund Organization (EPFO). In the EPF scheme, the employee and his company contribute an equal amount every month, which is 12% of the basic salary and dearness allowance.
The number of Provident Fund subscribers of Employees Provident Fund Organization (EPFO) in the country is in crores. The account holders also get interest on this type of account. It is currently at 8.1 per cent annually. Interest is available only on those accounts, which are active. But do inactive EPF accounts also earn interest? Let us know what the rule of EPFO says.
What is EPF?
First of all understand what is Employees Provident Fund (EPF)? This is a retirement plan managed by the Employees’ Provident Fund Organization (EPFO). In the EPF scheme, the employee and his company contribute an equal amount every month, which is 12% of the basic salary and dearness allowance. 8.33% of the company’s contribution goes towards the Employees’ Pension Scheme (EPS).
Interest is available on closed EPF accounts?
Now the question is whether interest is also available on closed EPF accounts? So the answer is yes. EPFO had suggested in FY11 to stop payment of interest in EPF accounts where no contribution has been made for more than 3 years. However, this decision was withdrawn in 2016.
Reasons for not getting interest on EPF accounts
- Your account has been deactivated
- Scheme has expired
- Account holders age above 58 years
- EPF balance not withdrawn
How to check EPF account balance?
- Go to the official website of EPFO.
- Along with this, click on the service tab.
- Now click on the section with ‘For Employee’.
- After that click on ‘Member Passbook’ and login by entering UAN and password.
- Now your account balance will appear in front of you.
EPF account balance can be checked even sitting at home
- To check PF account balance through SMS, you have to send the format ‘EPFOHO UAN ENG’ to 773829899 from your registered mobile number. This service is also available in Hindi, Punjabi and other languages.
- You can check PF account balance by giving a missed call on 011-22901406 toll free number from UAN registered mobile number. But for this it is necessary that your
- Aadhaar card, PAN card and mobile number are registered with UAN.
- You can also check balance through Umang app. First of all, you have to download this app from Google Play Store and then login with UAN and password. Once logged in, you can know the balance by checking the passbook.
