A mobile number is a mandatory requirement when creating a PF account. Your phone number is necessary when you activate your UAN or need to change your account password.
You can also change your mobile number if needed by following the few simple steps mentioned below –
- Visit the Unified Portal or Member Portal of EPFO. (Note that the member portal is not the same as EPFO’s official website.)
- Sign in with your Universal Account Number and password.
- Click on the “Manage” tab.
- Select “Contact Details.”
- Click the “Change Mobile No.” checkbox.
- Enter and re-enter your new mobile number.
- Click “Get Authorisation Pin.”
- Enter the OTP.
- Click “Submit.”
Your new phone number will be registered after you have successfully followed the steps mentioned above.
What are the benefits of registering your mobile number?
The EPFO enables you to check your PF balance via your registered your mobile number. You can do so in the following ways –
- Via missed call
Give a missed call to 011-22901406. You will receive an SMS with the details of your provident fund account.
- Via SMS
Send an SMS to 7738299899 with the body “EPFOHO UAN ENG”. The last 3 letters of the message corresponding to the preferred language; here “ENG” denotes English. Type “HIN”, if you want the details in Hindi.
The EPFO provides this facility in Marathi, Gujarati, Punjabi, Bengali, Tamil, Malayalam, Telugu, and Kannada.
Other ways to check your EPF balance
- EPFO portal
You can check your PF balance through EPFO’s official website by following these steps –
- Click on the “Our Services” tab.
- Select “For Employees.”
- Select “Member Passbook” under the “Services” area.
- Enter your Universal Account Number and password to log in.
The webpage that opens will show you the available balance and contributions made by you and your employer distinctly.
- UMANG app
UMANG is an official app from the Government of India that provides several central and state-level services under one umbrella.
You can check your PF account balance through this app too. Simply, open the app, search “EPFO”, click on the service, and log in using your UAN Number and password to check the details.
Benefits of having a PF account
You can accumulate and use your EPF money in several meaningful ways. Following are the benefits that come along with a PF account:
- High returns
The current rate of interest provided by the Government of India on PF is 8.65%. Thus, employees investing in PF can enjoy such substantial but risk-free returns on withdrawal.
- Income tax benefits
Investments in provident fund are subject to income tax exemptions of up to Rs. 1.5 Lakh under Section 80C.
- Insurance cover
Those with a PF account are covered by the Employees’ Deposit Linked Insurance Scheme (EDLI). The account holder can receive a minimum of Rs. 2.5 Lakh and a maximum of Rs. 6 Lakh in case of his/her death during the service period.
Drawbacks of having a PF account
The only drawback to an EPF account is the non-compliance to premature withdrawals. Account Holders can only withdraw the sum if they are unemployed for more than 2 months or reach the age of 58.
A withdrawal is restricted to the following terms –
- Property purchase or construction – Amount you withdraw cannot exceed 36 times of your salary + DA. Withdrawal only available after 5 years.
- Land purchase – Amount you withdraw cannot exceed 24 times of your salary. Withdrawal is only available after 5 years.
- Education/wedding – Amount you withdraw cannot exceed 50% of your share in the account. Withdrawal available after 7 years.
- Medical emergency – Amount that you withdraw is your share + interest or your 6 months of salary + DA, whichever is lower.
- Home loan repayment – Amount you withdraw cannot exceed 90% of your and employer’s share. Withdrawal available after 10 years.
- Home renovation – Amount you withdraw cannot exceed 12 times your salary. Withdrawal is available only after 5 years.
A fixed deposit is a better alternative to PF since you can withdraw the invested amount anytime against a minimal penalty fee.
Bajaj Finance offers FDs with interest rates of up to 8.60%. You can invest in tenors ranging from 12 to 60 months.
Make sure you avoid the common mistakes when investing in FDs. Doing so can help you grow your savings and secure your future financially.