EPFO: How to check EPF balance and withdraw money online?

Step 1: Visit www.epfindia.gov.in and choose Advance Claim from the drop-down menu.

Step 2: Go to Online Service and select Claim (Form-31,19,10C and 10D).

Step 3: Enter and pick your bank account's last four digits, then select the Proceed for Online Claim option.

Step 4: Next, from the drop-down menu, choose PF Advance (Form 31).

Step 5: Select your reason from the drop-down menu, then input the transfer amount. After that, upload a scanned copy of the check.

Step 6: Click Get Aadhaar OTP, follow the steps and you're done.

Hope you find this article on how to check EPF balance and withdraw online useful.

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What is Insurance and how it protects you and your home?

The Complete Guide to Insurance and How It Protects You & Your Home

What is Insurance?

Insurance is a type of risk management, the process of protecting oneself from financial loss.

Insurance is a tricky topic because it has to do with predicting the future. No one knows for sure what will happen in the future, but insurance provides protection against the worst case scenario, which is helpful in avoiding any financial distress.

The cost of life insurance varies depending on factors such as your age, the type of policy, and the amount of coverage you want.

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Types of Insurance

Insurance can be categorized into various types like personal insurance, motor insurance, life insurance, home insurance, health insurance and personal accident insurance.

Insurance is an important part of life that helps in protecting any form of loss or damage to one’s property.

Life insurance, for example, offers protection against a potential death or end-of-life event that leaves a loved one behind with no means of support.

Personal accidents are not always covered by the society and for this reason people need to buy personal accident insurance for themselves. The important point of insurance is that it covers not only your losses but also your legal expenses. It can be key if you are in an accident and need to prove fault on the other side.

Health insurance  provides financial assistance to policyholders when they are admitted to hospitals for treatment. 

With Home insurance policy, you remain free from all financial liabilities that may arise from damage to your home or contents inside due to fires, burglaries, storms, earthquakes, explosions and other events.

Motor insurance refers to policies that offer financial assistance in the event of accidents involving your car or bike.

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Things to consider when purchasing an Online Insurance Policy

Benefits of Service - You should refer to Service Benefits such as 24 * 7 Customer Support, Convenient Pick-up & Drop for your car and Wide Network of Free Garages.

Choose the right Sum Insured - The right amount insured helps to ensure that you are fully covered in the event of an emergency

Insurance claims speed - Claims are the reason you bought insurance. So check how long your insurance company takes to pay the claims.

Best Price - If you are satisfied with the service and Sum Insured, check out the premium and discount you get

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 Income Tax Return (ITR) : Who Should Apply for ITR and How to claim Tax Deduction?

Who should apply for the ITR?

A person whose annual income exceeds the basic exemption limit of Rs 2.5 lakh must apply to the ITR. The basic release limit for older persons (60 years and older and under 80 years) is Rs 3 lakh, and for older adults Rs 5 lakh.

How do I apply for a tax deduction?

You must submit income tax returns to claim income-saving tax deductions such as ELSS, PPF, NSC investment and payments such as mortgage repayment, insurance and contributions.

I get my salary after a TDS deduction. Do I need to file an income tax return?

Please submit your income tax form if your annual income exceeds Rs 2.5 lakh. The TDS deduction does not replace the requirement to file ITR. When you e-file your ITR, you must provide details of your annual income, claim reduction and TDS credit deducted by your employer.

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How do I apply for a tax refund?

You can apply for a tax refund by submitting an e-file to your tax return. E-filing allows you to claim credit for overdue TDS and tax refunds.

How can you verify my ITR?

You can verify your ITR within 120 days from the date of filing. You can verify online using your net banking account or Aadhaar based OTP. Failure to verify your ITR may invalidate the completion of your ITR.

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 Top  5 Private Banks Offer Interest Rates of up to 6.75% on Tax-saving Deposits

Optimization of tax should always be part of your financial plan and not to be completed by the end of the year. Invest wisely, taking into account your financial goals. Those in the lower tax brackets find the FDs in the bank more attractive. Here are the top five banks that offer the best interest on tax savings deposits.

An investment of up to Rs 1.5 lakh may be required for tax exemption under section 80C of the tax law. Tax-saving FDs have a five-year detention period and early withdrawal is not allowed.

Suryoday Small Finance Bank offers interest rates of up to 6.75% on tax savings deposits. Among the smaller financial banks, Suryoday offers the best interest rates. The amount of Rs 1.5 lakh spent grows to Rs 2.10 lakh over five years.

Yes Bank offers interest rates of up to 6.5% on tax savings deposits. Among the private banks, the bank offers the best interest rates. The amount of Rs 1.5 lakh grows to Rs 2.07 lakh in five years.

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RBL Bank offers interest rates of up to 6.3% on tax savings deposits.

Deutsche Bank offers up to 6.25 percent on tax savings deposits. Among foreign banks, Deutsche offers the best interest rates. The amount of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.

Ujjivan Small Finance Bank also offers interest rates of up to 6.25% on tax savings deposits. The amount of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.

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Small private banks and microfinance banks offer high interest rates to raise money. The Deposit Insurance and Credit Guarantee Corporation (DICGC), under the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh. Details compiled as of October 6, 2021 from the banks' website.

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