The Employees’ Provident Fund Organisation (EPFO), the retirement fund body, permits subscribers to withdraw funds from their EPF Account. To facilitate smooth withdrawals, members need to maintain accurate bank account records. Instances have occurred where individuals close their bank accounts without updating their new account details in their EPF Account. Incorrect bank details can result in failed credit transactions. Subscribers can rectify this issue by updating their bank account details through the EPFO portal.
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Step-by-step guide to update your bank account details in the EPFO record
1)Go to the Unified Member Portal and log in with your username and password.
2)Click on the ‘Manage’ tab.
3)Choose ‘KYC‘ from the dropdown menu.
4)Select your bank and enter your Bank Account Number, Name, and IFSC code. Then click ‘Save’.
5)After approval by your employer, your updated bank details will appear in the approved KYC section.
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Employees’ Provident Fund (EPF) tax benefits
The Employees’ Provident Fund (EPF) is a popular retirement savings scheme in India that is regulated by the Employees’ Provident Fund Organisation (EPFO). It offers significant tax benefits to its subscribers. By contributing to the EPF account, employees can avail of a deduction of up to ₹1.5 lakh per year under Section 80C.
In December 2023, the retirement fund body EPFO added 15.62 lakh new members, as revealed by payroll data released on February 20. Since April 2018, EPFO has been regularly publishing payroll data starting from September 2017.
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EPFO interest rate
EPFO has declared the interest rate as 8.25% for Employees’ Provident Fund accounts for the FY 2023-24. After approval by the Ministry of Finance, this interest rate will be formally announced in the government gazette. Following this, EPFO will deposit the approved interest rate into its subscribers’ accounts. For the fiscal year 2022-23, the interest rate stood at 8.15 percent, marking the lowest rate since 1977-78.
