PF scheme is a long term scheme which is in place to ensure better post-retirement life for salaried individuals. Every employee always tries to contribute to the EPF account. So, as you contribute to your EPF account, it always becomes difficult to track the accumulations of your PF account. Moreover, you tend to worry about the amount that you have contributed to the account over the years. Therefore, in this article, we would provide an answer to your query relating the same. How would I know the number of accumulations in my PF account?
Know PF Accumulation
With the trust of the government and the legacy of the EPF, you can aspect a robust mechanism to provide constant updates on to your EPF accumulations. So, the EFPO provides an annual statement through online or offline. This depends on the method you prefer to choose. With the offline method, you receive an account statement annually with details of your accumulations.
This would contain details like Opening balance, the amount contributed during the year, withdrawal during the year, interest earned and the closing balance in the PF account. This provides an overview and a detailed analysis of your contributions. This is provided to the employee on the closing of the financial year that stands to be the month of March every year.
But with digitization, the services have been shifted to the online portal created by the EPFO. Now the employee can view all the details regarding his/her PF account through this portal at any time and at any place. But with this, it is crucial that you must be an EPFO member and have your UAN number to login to your account.
Herein you can locate your contribution and various details relating to your account in whichever year you want. Moreover, you can perform various actions related to the EPF account through this portal online itself.
When you invest in a savings scheme you always tend to look into your accumulation and maturity amount on regular basis. This is important to keep an eye on to your hard-earned money. And the EPFO realizes this in order to comfort its members regarding their contributions. It provides annual statements at end of every financial year to give the members a clear perspective regarding the interest and the sum of money that they have earned. Moreover, with the online portal in place, the employee can check on the balances and contributions at any time. And with these services in place, the EPF scheme as a saving scheme can’t be overlooked.