Employees’ Provident Fund (EPF) is a compulsory government savings scheme for all employees of public and private companies. It is aimed to maintain the financial security of working class citizens after their retirement. EPF is formed with monthly deductions from the employees’ salary and a contribution from the employer’s side. Interest is also received on the fund and the amount can be withdrawn once the employee retires or even before that if need be. If a person dies before retirement, their family will get the PF amount.
All persons with a monthly salary of more than Rs. 15,000, who work in a company with more than 10 employees, are eligible to receive PF.
PF account check
Checking your PF balance regularly is advisable as it helps you plan your retirement better. You can conduct a PF account check easily with your Universal Account Number (UAN). It is a 12-digit number that all PF account holders get. If you do not know your UAN, ask your HR department for it. Check your PF balance online in a few easy steps:
- Visit the website of Employers’ Provident Fund Organisation (EPFO)
- Go to “Our Services”
- Click “For Employees”
- From here, you will be able to open the “Member Passbook” tab
- Enter your UAN and password to access your PF passbook
PF account check can also be done on your phone with the EPFO mobile app.
Putting your PF to best use
Regular contributions to the PF account till the time of retirement will create a sizeable fund for a person. Though once your salary stops, you need to put this fund to good use. If the amount is sufficient to take care of major financial goals like children’s education and marriage, buying a house, etc., you need not invest in another superannuation fund. Rather you can grow this money with a higher paying investment option like a fixed deposit (FD).
Fixed deposits are offered by banks as well as by Non Banking Financial Companies (NBFCs). Though NBFCs give 1%-2% higher returns than banks and interest banks offered by banks keep fluctuating depending on RBI regulations. Bajaj Finance FD is one of the highest paying NBFC fixed deposit with an interest rate that goes as high as 8.05%. Use an FD calculator to know the monthly interest you will receive on your FD. The interest rate will vary depending on the tenor of investment and the kind of deposit, i.e. cumulative or non-cumulative. Cumulative FDs give higher interest as they have a payout – at the time of maturity. Whereas non-cumulative FDs give four interest payout options – monthly, quarterly, half-yearly and yearly.
Bajaj Finance is the only FD provider to have introduced the Systematic Deposit Plan (SDP), that lets the investor make small, monthly deposits ranging from minimum 6 to maximum 48 deposits. The investor earns interest separately on each deposit and isn’t charged a penalty on missing a payment.
With flexibility, Bajaj Finance FD also assures safe investments and stable returns with great credibility ratings; FAAA/Stable rating from CRISIL and MAAA (stable) rating from ICRA.
Use the FD calculator to find your monthly interest and invest today.