What is An EPF Statement?

As a working individual, you might have many financial goals to tick off your list. You want to create wealth and secure your family's future while ensuring you have a regular flow of income when you retire.

This is where the Employees Provident Fund (EPF) comes into play. The Employees Provident Fund account offers a good interest rate at minimal risk. Along with this, it saves taxes as it comes under the EEE category (Exempt-Exempt-Exempt). It provides insurance and offers pensions. Thus, EPF is one of the best investment planning tools. Not sure how it works? Here's everything you need to know.

How to Get/Download EPF Statement Online

To check your EPF statement online, downloadit by following these steps-

• Go to the EPF's website
• In the 'Services' section, select 'For Employees'
• Select the 'Members Passbook' option
• Login by entering your Universal Account Number and password
• Select your Member ID. Then, you can either check your EPF statement online or have the EPF statement downloaded.

Conducting an EPF account balance and statement check is quite convenient and hassle-free. This is also one of the advantages of investing in an EPF account. Here are the ways in which you can check your EPF balance statement -

• UMANG app – You can use this app to check the EPF account statement and balance. Along with this, you can also use UMANG to file withdrawal requests and track claims.
• SMS/Missed Call – You can view the EPF account statement by sending a message to 7738299899. Alternatively, you can give a missed call to 01122901406 and view your EPF account statement.

How to make the most of your employees' provident fund

The Employees' Provident Fund is an excellent investment option as it acts as a regular source of income after you retire. Along with financial security, it offers you a good interest rate, low risk, and tax exemption. Moreover, you can also conduct a regular EPF account balance and statement check online or have the EPF statement downloaded. This way, you can manage your funds better. Here are a few more ways to make the most out of your Employee's Provident Fund:

• You can opt for a Voluntary Provident Fund and contribute more than 12% of your salary to the employee's provident fund account. This will help you build a solid retirement corpus, more than that of EPF. Thereby, investing in VPF turns out to be a smarter option.
• Ideally, it would be best to withdraw your Employees Provident Fund balance after retirement. Because the higher monthly contributions can help you reap high returns.
• During job change, employees need to ensure the transfer of the provident fund. You must ensure funds transfer from the old employer's account to the new employer's account. You can check your EPF statement online or download it to keep track of your funds.
• You must get your Universal Account Number. It simplifies the transfer of employee provident funds from older to new organisations.

To conclude

The Employee's Provident Fund is a powerful investment tool for retirement planning. Investing in an EPF account can ensure future financial security. Furthermore, it enables you to increase your wealth while generating inflation-beating returns. Thus, it is advisable to invest in an Employees Provident Fund account.

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FAQ

What is the EPF account statement?

An EPF account statement is an online record that shows your transactions, including advances, settlements, and transfers, across various jobs in India. Essentially, it serves as an electronic passbook that details your Provident Fund status and history.

What is a voluntary provident fund?

A Voluntary Provident Fund (VPF) consists of contributions that employees make beyond the mandatory EPF contribution. Although employees can contribute more, the employer's contribution is capped at 12% of the basic salary, as stipulated by the EPFO.

How to use your EPF account statement?

Your EPF account statement is crucial for retirement planning, as it provides a comprehensive view of your savings. It can also be used for filing ITR to claim deductions under Section 80C and as proof of income for loan applications.

How to download my EPF account statement for the year 2023?

To download your EPF account statement for 2023, log into the EPFO member portal with your UAN and password. Go to the 'Member Passbook' section to view and download your statement for the specified year.

What is the difference between PF and EPF?

PF, or Provident Fund, is a general term for EPF (Employees' Provident Fund). It is a government-backed savings scheme specifically designed for employees in the organised sector to help them save for retirement.

How to check PF statements online?

To check your PF statement online:

• Visit the EPF website.
• Under 'Services', select 'For Employees'.
• Choose 'Members Passbook'.
• Log in with your UAN and password.
• Select your Member ID to view or download your EPF statement.

How to download the PF statement PDF?

To download your PF statement in PDF:

• Visit the EPF website.
• Under 'Services', select 'For Employees'.
• Choose 'Members Passbook'.
• Log in with your UAN and password.
• Select your Member ID to download your EPF statement in PDF format.