EPF Balance Check - A Comprehensive Guide for Employees
EPF Balance Check - A Comprehensive Guide for Employees
Check your EPF balance online or offline, understand interest rate calculations, submit e-nominations, and manage PF accounts in Tally.
Who is this for: Payroll & HR
Employees in India can track their retirement savings through the Employees' Provident Fund (EPF). The EPFO provides several online and offline channels to check account balances, download passbooks, and track interest credits.
Understanding balance check methods, interest rates, and nomination rules is essential to manage PF accounts.
1. Latest Updates: EPFO Interest Rates
The Ministry of Finance approved a rate of **8.25%** for FY 2023-24, up from 8.15% in the previous year.
Interest is calculated monthly on the running balance in the account but is credited annually at the end of the financial year.
2. Four Ways to Check Your EPF Balance
Employees can check their balance using four primary channels:
- EPFO Member Portal: Log into the EPFO Passbook Portal (passbook.epfindia.gov.in) using your UAN and password. You must submit an e-nomination first to view details.
- UMANG Mobile App: Open the central government's UMANG app, select EPFO, click **View Passbook**, and log in using your UAN and Aadhaar OTP.
- Missed Call Service: Give a missed call to **9966044425** from your registered mobile. The system automatically disconnects the call and sends your balance via SMS.
- SMS Service: Send an SMS in the format **EPFOHO UAN ENG** to **7738299899** (replace 'ENG' with other language codes like HIN, TEL, or TAM to receive the details in regional languages).
3. Mandatory e-Nomination Rules & Procedures
EPFO requires all members to file an e-nomination. Without a verified nomination, you cannot view your online PF passbook. To file a nomination:
- Log into the Member Portal using your UAN and password.
- Go to **Manage > E-Nomination** and enter your family details (name, photo, Aadhaar, and relationship).
- Specify the share percentage for each nominee (totaling 100%).
- Authenticate the form using your Aadhaar OTP to complete the filing.
4. Case Study: Calculating Annual EPF Interest Credits
An employee has a monthly contribution of **₹3,000** (Employer ₹1,440 + Employee ₹1,560) deposited into their PF account.
The interest calculation for the year is computed on monthly running balances:
- Month 1 balance: ₹3,000 | Interest (8.25%/12) = ₹20.63
- Month 2 balance: ₹6,000 | Interest (8.25%/12) = ₹41.25
- This monthly calculation continues through Month 12, and the accumulated interest is credited to the passbook at year-end.
- For companies managing an exempted in-house PF trust, the accountant records this interest credit in the trust's ledgers in Tally:
Entry: Crediting Annual PF Trust Interest (F7 Journal Voucher) Debit: Interest Earned on Trust Investments ₹85,000 Credit: Employee PF Capital Account ₹85,000
5. Recording PF Challan Payments in Tally Prime
To record monthly PF challan payments in Tally:
Tally PF Payment Entry:
Go to **Gateway of Tally > Vouchers > Press F5 (Payment)**.
Debit the Employee PF Deductions and Employer PF Contributions payable accounts, and credit the bank account. Use the **Autofill PF Challan Payment** helper to automatically pull outstanding statutory liabilities.
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