EPF member balance refers to that sum of money which is currently there in your EPF account. A certain portion of your salary goes to the EPF account every month and the employer also contributes equally to it. You should keep a check on your EPF member balance so that you know how much retirement savings you have accumulated.
Steps to Check EPF member balance Online
You can check your EPF member balance online in a very easy manner. All you have to do is follow the steps as listed under.
1. Make sure that you know your EPF account number before proceeding. Then, go to the official EPF website.
2. You would see an option called “Know your balance” at the bottom of the page. Click on it.
3. Then, you would need to select the location of your PF office state and city.
4. After that, you would need to enter your EPF account number. Also, you would need to enter your registered mobile number.
5. Click submit and you would then receive an SMS on your phone with the EPF member balance in it.
Points to Keep in Mind
There are certain things about the EPF member balance which many people are not aware of. When you go to check your member balance, you might fail sometimes. This is because of the ignorance of below points. So make sure that you make a note of them and keep them in mind.
1. One mobile phone number means one registration. So, if you give more than one number for one registration and vice versa, the portal might not accept it.
2. One mobile phone that is registered with the portal can view only one EPF member balance. Otherwise, he/she must apply for Form 13.
3. A member can have a look at a maximum of 10 EPF member balances.
Who is Eligible for EPF Scheme?
If you are a salaried professional in India and have a minimum salary of Rs 15,000, you are a part of the EPF Scheme.
1. There are some employers which provide the EPF benefits to their employees even if they don’t have the minimum required salary.
2. Employees can choose to opt out of the EPF scheme. But this is possible when you just join the firm and make request before your first salary.
3. Once you enroll for the EPF scheme, it is not possible to back out and become a lifetime member of it.
4. It is up to the government to decide how much interest rate would be given on the EPF accounts every year.
Online Transfer of EPF member balance
With the online EPFO portal, the online transfer of EPF member balance has become very easy. Now, when you retire or switch jobs, you would not need to go through a tedious procedure of filling and submitting forms here and there. Instead, everything would happen online within a matter of minutes. An employee has to make an online request for EPF member balance and the request copy is sent to all the employers. They would then validate it and the employee would receive the EPF in his/her account.
If you have any queries regarding EPF member balance, please let us know in the comments section below.