EPFO subscribers can update bank account details in their EPF. Information about this is given here.
How to update bank account details in EPF: Employees' Provident Fund Organization (EPFO), the retirement fund body, allows subscribers to withdraw money from their EPF account. To facilitate proper withdrawal, Subscribers must maintain accurate bank account records. There have been instances where individuals closed their bank accounts without updating the new account details in their EPF account. Credit transactions may fail due to incorrect bank details. Subscribers can fix this problem by updating their bank account details through the EPFO portal.
Here is a step-by-step guide to updating your bank account details in EPFO records-
- Go to the Unified Member Portal and log in with your username and password.
- Click on the 'Manage' tab.
- Select 'KYC' from the dropdown menu.
- Select your bank and enter your bank account number, name, and IFSC code. Then click 'Save'.
- After approval by your employer, your latest bank details will be visible in the Approved KYC section.
EPF tax benefits
Employees' Provident Fund (EPF) is a popular retirement savings plan in India that is regulated by the Employees' Provident Fund Organization (EPFO). It offers significant tax benefits to its subscribers. By contributing to the EPF account, employees can avail of a deduction of up to Rs 1.5 lakh per year under Section 80C.
In December 2023, retirement fund body EPFO added 15.62 lakh new members, payroll data released on February 20 showed. Since April 2018, EPFO has been regularly publishing payroll data from September 2017.
epfo interest rate
EPFO has announced the interest rate for Employees Provident Fund accounts at 8.25% for the financial year 2023-24. After the approval of the Finance Ministry, this interest rate will be formally announced in the Government Gazette. After this EPFO will deposit the approved interest rate in the accounts of its subscribers. For the financial year 2022-23, the interest rate stood at 8.15 percent, which is the lowest rate since 1977-78.
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