The senior citizen count is estimated to reach 20% of the total population by 2050. Subsequently, equipping people financially in earlier age cohorts now no longer remains an option. While the senior citizen population boosts from its present 8%, the government has been taking initiatives to ease them into their retirement phase. One such financial endeavor is that of Provident Fund that caters to the financial requirement of retirees, despite the absence of a stable source of income.

This compulsory government-regulated PF account enables employees to contribute a share of their salary towards their pension fund. While this amount is accrued over time, employees can have access to a considerable amount at the end of their employment days. With a substantial rate of interest, there is an opportunity for retirement corpus growth.

Considering that this is a low-risk investment avenue, it is preferred by retirees as a secure source of funds. Catering to this offered convenience, this account comes with hassle-free ways to check its balance.

With options to check PF balance in both online and offline ways, individuals can opt for either option listed here –

Online Methods

• EPFO web portal

EPFO web portal is one of the preferred ways to check PF balance. All that one needs to do is familiarise themselves with their allotted UAN.

UAN or Universal Account Number is allotted to each employee and employer who contributes towards a PF account. This 12 digit number is essential considering the recent digitalization of all information related to the PF account.

Additionally, knowing the UAN ensures that individuals can check their PF balance conveniently (considering that this individual in the discussion has registered their UAN with EPFO) –

Step 1: Visit the EPFO site.

Step 2: Select the‘ For Employees’ option under the ‘Our Services’ tab.

Step 3: Click on ‘Member Passbook’ from the ‘Services’ menu.

Step 4: Key in your allotted UAN and password.

Step 5: Click on ‘Login’.

Step 6: Check the PF balance under your respective Member ID.

• UMANG app

The increased reliance of individuals on smartphones brought in an added convenience to check PF balance via a mobile app – UMANG. The process to check PF balance has been streamlined as well –

Step 1: Install the app from the Play Store.

Step 2: Open this app and click on ‘EPFO’.

Step 3: Click on to view the passbook.

Step 4: Provide your UAN. This is followed by receiving an OTP on the registered contact number.

Step 5:  Put in the login credentials that include the OTP.

Step 6: Select the option to view the passbook.

Apart from checking PF balance, this app is also particularly beneficial in cases of raising and tracking claims. All that one needs to do is register to this app using an individual’s listed mobile number.

Offline Methods

• Missed call

Given that an employer’s PAN or Permanent Account Number, bank account number, and Aadhaar is linked with their UAN, EPF members have an option to check their account balance by giving a missed call from their registered contact number to 011-22901406.

• SMS

With an activated UAN, EPF members can also choose to check up on their PF account balance via a single SMS.

Step 1: Type in ‘EPFOHO UAN ENG’ (where the last three alphabets indicate the preferred language in which an employer would want to receive his/her EPF details).

The facility to check EPF balance is now available across ten languages, namely –

• Bengali,
• Gujarati,
• Malayalam,
• Telugu,
• Tamil,
• Hindi,
• Marathi,
• Punjabi,
• Kannada,
• English.

Step 2: Send the SMS to 7738299899

With the availability of multiple options to check the PF balance, retirees can plan how they can invest their EPF savings in meaningful ways.

One of the most secure investment options, rendering high and assured returns would be fixed deposits offered by leading financiers in the market.

Such investment options enable individuals to take control of their investment with a choice of a tenor.

Such fixed deposits come with multiple lucrative features, such as –

• The minimum amount for FD at Rs.25,000
• An additional rate of interest of 0.25% for senior citizens.
• Auto-renewal facilities,
• A convenient online application process, etc.

Along these lines, availing FDs from reputed NBFCs like Bajaj Finance brings with it added financial leverages of availing a loan against the FD. Considering that such FDs come with non-cumulative options, individuals can opt for a suitable pay-out period to meet their financial requirements.

With such no to the low risk involved investment options, staying updated with the current PF balance is advised for retirees to make life easier in their golden years. It ensures that one makes the most of its investment avenues.

Author Bio:

Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at HighlightStory