Why every employee needs to have a UAN Number

Provided by the Employees’ Provident Fund Organisation (EPFO), Universal Account Number or UAN is a 12-digit unique number given to every EPF account holder. Your UAN remains constant throughout your career, irrespective of whether you change jobs. Thus, is acts as a common thread linking all your EPF accounts. In doing so your UAN helps you manage your finances better and track your EPF balance. What’s more, you don’t have to wait to get this number from your employer, as EPFO provides you with a method to get your UAN and complete UAN registration online. Read on to know more.

How to get UAN

You can either get your UAN from your employer or generate it yourself online. If you choose the online route, these are the steps you have to follow.

• Visit the UAN portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/

• Click on ‘Know your UAN status’ found in the ‘Important Links’ tab 

• Enter either your Member ID, Aadhaar or PAN and information like your name, mobile number, date of birth and email ID. Then click ‘Get Authorisation PIN’

• You will receive the PIN on your registered mobile number

• Enter it and click on ‘Validate OTP and get UAN’

• You will receive your UAN on your mobile number

Documents and details required for UAN

Below are some of the documents required to get your UAN

• Identity proof

• Address proof

• PAN card

• Aadhaar card

• ESIC card

• Bank details like account number, IFSC code and branch name
  
  

How to activate your UAN

Follow these steps to activate your UAN.

• Visit the official EPFO website at https://www.epfindia.gov.in/site_en/

• Navigate to ‘For Employees’ through the ‘Our Services’ tab

• Click on ‘Member UAN/Online Services (OCS/OTCP)’ from the ‘Services’ menu

• On the following page, click ‘Activate UAN’ listed under the ‘Important Links’ tab

• Enter details your member ID, PAN or Aadhaar as well as your name, date of birth, mobile number, email ID and click ‘Get Authorisation PIN’.

• Verify your details, check the ‘I agree’ box, enter the OTP and click on ‘Validate UAN’.

• You will receive a password on your mobile number and you use it to login to your UAN account

Features and benefits of having a Universal Account Number

Every time you switch jobs you get a new member ID, however, your UAN remains the same. This helps you track your details seamlessly. Additionally, you can transfer funds from a previous ID to your new one online, without any hassle. UAN also gives you access to EPFO services like the facility to view your EPF passbook and make a partial withdrawal as well. Further, since you can track your EPF, UAN encourages accountability, ensuring that employers make timely contributions towards your EPF. 

The monthly contributions made to EPF over a span of 30 years or so are sure to leave you with a substantial corpus at retirement, and what you do with this sum is just as important as being able to check your balance. After all, you don’t want your money to remain idle and lose its value owing to rising inflation. To counter this, it is important that you re-route your maturity amount and invest it in a safe instrument like a fixed deposit.

The Bajaj Finance Fixed Deposit, for example, offers you high returns and a safe environment: two key factors for senior investors who are likely to have a low-risk threshold. Here, you get interest rates of 8.95% on senior citizen FDs taken for a tenor of at least 3 years with payouts at maturity. Conversely, regular investors get an FD interest rate of 8.60% on the same terms. 

In terms of the safety of your finances, you have no reason to worry as this FD carries ICRA’s MAAA and CRISIL’s FAAA ratings. As they are the highest possible credit ratings in their respective categories, you can expect timely returns. Moreover, as your FD returns are assured, you can forecast maturity proceeds beforehand by using an FD interest rate calculator. For instance, by investing a sum of Rs.5 lakh for a 5-year tenor in a senior citizen’s FD, you can get Rs.7.68 lakh at maturity.

Similarly, if you require income periodically, you can opt for frequent interest payouts. These can help you pay for everyday expenses and healthcare bills with ease. For example, when you choose quarterly payouts for the aforementioned FD, you earn Rs.10,863 every 3 months.

Investing in this FD is easy as you can deposit money through a cheque and even via a debit card in some locations. To start this FD, all you have to do is request a call from a Bajaj Finance executive. The representative will help you invest right away.