EPF (Employees Provident Fund) helps you to set aside a fixed sum every month during your employment years so that you can collect a sizable corpus till retirement. However, to execute your post-retirement plans carefully, you should know the accumulated PF balance in your account. You can check the PF balance through SMS, missed call, Umang App, or through the EPFO portal. The following steps can be followed to check the PF account balance via the EPFO website:
Step 1: Activate UAN
Before checking your PF balance online, you will need to activate the UAN (Universal Account Number) by visiting the EPFO portal. The UAN number is unique for every person and it will be present on your salary slip. If not, you can ask your employer for the same.
Step 2: Check the member passbook
After activating your UAN, you can click on the ‘Our Services’ tab that will be present on the top left corner of the EPFO website. Choose the ‘For Employees’ option from this tab.
Here, you will find a section called ‘Member Passbook’ in the ‘Services’ tab. Click on it and log in with the help of your UAN id and password. On logging in, you will be able to check your PF account balance easily.
Though it is easy to check the EPF balance, it would not be so easy to invest your EPF corpus after retirement as there are many alternatives available in the market. One of the best options would be to invest in a fixed deposit plan that offers high returns without compromising on the safety of your EPF savings.
Bajaj Finance FD can be a good online investment option for consolidating your EPF earnings as it offers interest rates of up to 7.25%. Also, it is a safe instrument that can be validated from the high credit ratings it has received from CRISIL and ICRA which are the reputed credit rating agencies in India. The other reasons that might convince you to invest in Bajaj Finance FD are listed below:
Flexible investment options
You need not accumulate a huge corpus through EPF or any other means for investing in a Bajaj Finance FD. This is because it allows you to invest a meager amount starting from Rs. 25,000 and the upper limit for the deposit amount is Rs. 5 crores. Also, a lock period ranging from 12 to 60 months can be chosen for your deposits.
This means that you can invest as much as you want and the fixed deposit tenor can also be set as per your financial needs and plans.
Scope of investing in multiple FDs
With Bajaj Finance FD, you need not earn through only one FD as it allows you to divide your savings into multiple FD accounts. Also, the tenor and type of FD can be distinct for each deposit. You will be able to ladder your deposits easily with the help of this feature as it helps you to invest in all the FDs at once by providing a single cheque.
Laddering deposits will give you the opportunity of utilizing your investments for meeting your short-term and long-term financial objectives simultaneously. Also, during a crisis, you can break some of your FDs instead of disrupting your entire investment. Moreover, if the FD rates go up in the future, you can consolidate the returns of some FDs and invest them at a higher interest rate.
With Bajaj Finance FD, you can also utilize your corpus to provide you a monthly or periodic income source. This is possible through the multiple periodic interest options viz. monthly, yearly, quarterly, six-monthly payout options that it offers via its non-cumulative FD plans.
A higher FD interest rate of 0.25% is provided to senior citizens and non-seniors can grow their investments at a 0.10% faster interest rate by choosing the online investment option. To check the FD returns, you can use the FD calculator page that can be found on its portal. All these lucrative options and benefits make it an ideal online investment option for everyone.
- Putting PF to perfect use
Regularly checking your PF account balance is important. Having a fair idea of how much this superannuation fund will pay lets you think of other investment options that will keep the income flowing once your salary stops. Around retirement, you will not want to go for options that are prone to risks and affected by market fluctuations. In such a case, fixed deposits (FDs) are a great way to grow your PF money. They are known to give stable returns.
Non Banking Financial Companies (NBFCs) generally give higher FD returns as compared to banks. With a Bajaj Finance FD, you can get up to 8.05% returns. Minimum amount for FD is just Rs. 25,000 so you can start investing way before your retirement. Bajaj Finance FD is the only NBFC with a Systematic Deposit Plan (SDP). With SDP, investors need not wait to accumulate a large amount to invest in fixed deposits. They can make regular monthly deposits starting at Rs. 5000 per month. Bajaj Finance FD also allows flexibility of interest payout with options like monthly, quarterly, half-yearly, yearly or at the time of maturity. A low minimum amount for FD lets you open multiple FDs with different maturity dates. With the highest credibility ratings from reputed credit rating agencies, ICRA and CRISIL, Bajaj Finance FD assures guaranteed high returns to all its investors.