EPF Balance

EPF Interest Rate 8.5% on PF Deposit for 2019-20 EPFO cuts Interest Rate

EPF Interest Rate Lowered to 8.5% on PF Deposit for 2019-20. EPFO cuts Interest Rate from 8.65% to 8.55% fro 2017-18. PF Interest Rate cuts to 8.55% for 2017-18 from 8.65% for 2016-17.

EPF which is nothing but the lump sum amount given to an employee while he/she is leaving the organisation i.e. Employee provident fund and it is different from pension fund. This was governed by EPFO – Employees Provident Fund Organisation (EPFO). Read the article completely to know more about the EPF interest rate for the financial year 2019 -2020.

On 6th March,2020, EPF has reduced the interest rates for this fianancial year 2019-20. According to an official from labour ministry, Employees’ Provident Fund Organisation (EPFO) is likely to lower interest rate on provident fund deposits for this fiscal 8.5% per cent provided to its members during 2019-20. EPFO has reduced interest rate on deposits to 8.55% for the financial year 2017-18 from 8.65% for 2016-17.

EPF Interest Rate for FY 2019-20

Labour Minister Santhosh Kumar Gangwar said that the new interest rate will result in surplus of of over 700 crore rupees for the current financial year. The exact words of Santhosh Kumar Gangwar were “Last time, we had given interest rate that exceeded people’s expectations. But, keeping everything in mind, there is no shortage of money but we have decided to fix interest rate at 8.5% so we don’t face any issues in future. The finance ministry has been reportedly nudging the labour Ministry for lowering the EPF interest rate. The EPFO has investments of more than 18 lakh crore. Lowered rates on PF could be a direct result of the economic slowdown. The earnings on long term fixed deposits bonds and government securities are down 50-80 basis points in the last one year.

It is noteworthy that recently, EPFO approved an accounting policy for valuation and accounting of equity investments which was formulated in consultancy with IIM Bangalore.

EPF Interest Rate 8.55% on PF Deposit for 2017-18

As EPFO is planning to directly credit units of Exchange Trade Funds (ETF) into provident fund accounts which may result in lower yields on other investments more particularly bonds, interest rate cut is likely to happen.

However, the official added that EPFO is yet to work out the income projection for the current fiscal based on which interest rate cut will be decided.

The policy is to enable the EPF body to credit ETFs units into the provident fund accounts of the subscribers by the fiscal end, thereby to enable every account holder to see his/ her provident fund balance in the form of cash balance and ETF units.

Members of EPFO will only be able to realize the entire returns on the equity linked investments at the time of withdrawals even though the dividends on ETFs are credited into the subscribers’ accounts on timely basis.

At the same time, subscribers will also have an option to withdraw money while taking advances from their accounts, by liquidating ETF units or from cash component.

The finance ministry has been pushing the labour ministry to adjust the EPF rate at per with its small saving schemes like public provident fund. In the month of February 2018, the trustees of EPFO had decided to lower the rate of interest on EPF to 8.55 per cent for 2018-19 from 8.65 per cent provided for 2016-17. In case, the TDS rates are changes we will intimate you. Keep visit our website at epfbalance.net for latest information..

For more details visit EPF India official website at epfindia.com

Provident Fund PF Balance with/ without UAN Number by UMANG App, SMS, Missed Call

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How to check Provident Fund (PF) Balance with UAN number and without UAN number. How to Download UMANG application for PF Balance. Know your Provident Fund Balance/ PF Balance through SMS, Missed Call/ UMANG App.
PF amount is the amount that a employee saves during his work where certain sum of amount will be contributed by the employer and certain amount from the employees salary. The main reason why people feel happy is that the PROVIDENT FUND will be helpful for them to engage their lives after they leave the employment.

People often wanted to check their PF account balance. You can check your balance whenever possible and those who don’t have UAN also can check their provident fund with the information provided in this article.

Know your Provident Fund PF Balance

Know your Provident Fund PF Balance with/ Without UAN Number

This article will help all those who have and also who doesn’t have UAN number. Here are the steps that will help you to get information.
How to check your PF Balance with UAN number :

Go to any search engine and type epf india gov.
Open the web portal of epfindia.gov.in and in that page you will find ‘Our services’, from Our services, click on ‘for employee’ option.
After for employees dialogue box opens, click on services in that page. Under the services option click member passbook.
Once you opened the member passbook page, you need to fill in certain information like your UAN number, password and finally enter the given captcha.
If you provide the correct information then a new web page opens, wherein you need to click view passbook option, then you will be able to have a look at your passbook which contains all the information regarding your account like balance, breakup details, employee share and employer share and many more.

How to check your PF balance without UAN number :
You might be thinking it may not be possible to check your PF account balance , but you can easily check your account balance by following the below steps easily.
You can check your balance by three modes which include
1) By SMS
2) By missed call
3) By UMANG application
The usage of all the three modes can be explicitly in brief as below
BY SMS :
For enjoying this service your UAN number needs to be registered with EPFO, you need to send an SMS to 7738299899, type EPFPHO UAN ENG in the message box and sent it to the number mentioned.

BY MISSED CALL:
For availing this option, you need to be registered under UAN portal and submit your KYC details. You can know your PF account details by giving a missed call to 011-229014016 and know your account information.

Know your Provident Fund PF Balance through UMANG App

By UMANG application :
This is one of the government initiative taken up under the process of digitization of India. UMANG is an application that has all the government undertaken schemes information. After opening the application click on EPFO and select Employee centric services option” and enter EPF universal account number.

Provident Fund PF Balance through UMANG App

Then you will get an OTP to your registered mobile number and then you will be able to login to your PF account using that OTP.

For more details visit EPFO official website at epfindia.gov.in

How to Transfer Provident Fund Amount to Another PF Account online at UAN Member Portal

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How to Transfer Provident Fund Amount to Another PF Account online at members.epfoservices.in, Transfer PF Amount to New Provident Fund Account – Easily.
In the growing business world and the expanding count of the employees in this society and moreover mainly in the private sector, it is always essential for the employees to shift from one job to another job, the shifting may be for various reasons like promotions, good pay, good facilities and many more other reasons. Once a employee change from one job to another, they need to transfer their employee provident fund also. It is always be beneficial for the employees to close their old PF account and open a new account.

Earlier the shift of PF account from old one to new one is little messy as it includes submission of certain documents and other paper work related things. The days have changed and now the process has become so easy and you can open your new PF account through online by sitting at your own home. The process can be online through members.epfoservices.in in an effective manner and with efforts.

Transfer Provident Fund Amount to New PF Account online

The following are the steps that include the process of online transfer of PF funds :
Step 1 :
The first thing one has to do is to open the EPFO official website and you need to create your Universally Accepted Number (UAN) based login id.

Transfer Provident Fund Amount to Another PF Account

Step 2 :
Then you will be directed to a page where the people need to provide their registered phone number, UAN and account number and other information like the employers state, establishment number etc.
Step 3 :
The next step involves checking whether the present employee is eligible for PF funds transfer on the EPFO website. You will be needed to fill in the employer state in the column, here you need to use search by name or establishment number from the drop-down menu.
Step 4 :
Once you finish off with filling in all the details you can click on “Click Eligibility”.
Step 5 :
This step helps you to know whether you are eligible for PF fund transfer or not. If you are eligible, then you can register on the EPFO website.
Step 6 :
The step involves filling up of your details like pan card number, licence or some other Aadhar card number. Then you will get a unique PIN code to your registered mobile number and you need to verify it.
Step 7 :
Type the pin that you have received in the column and click ok to continue to next step.
Step 8 :
Once you click to continue you will be leading to EPFO Member Claims Portal page where you need to login with your document id and mobile number. Once you login you will be able to see all the options available in the EPFO website.
Step 9 :
Once you login you need to click on the request for transfer of fund on the top menu. Then you will be displayed a form to be filled and you need to fill all the details asked for. The form has three parts which includes

First part : In the first part all you need to provide is personal information like your name, email, IFSC, salary account number etc..
Second part : The second part is to be filled with information regarding your old PF account.
Third part : In the third part you need to provide the information about your present PF account details.
Here comes the play of the present or the previous employer for attestation of your form.

Step 10 :
Once you fill the form then you can click on preview to check whether the information is correct or not. Once the website checks that the information provided is true then you you need to enter CAPTCHA and then you will get a PIN.
Step 11 :
Click on the submit option after entering your pin. Once you finish up entering your pin then your PF Fund transfer will be initiated.

EPFO official website epfindia.gov.in/