The Employees’ Provident Fund Organisation ( EPFO ), a key institution managing retirement funds in India, allows subscribers to make withdrawals from their EPF accounts. However, for a hassle-free withdrawal process, it is essential that members keep their bank account details accurate and up-to-date. Often, individuals close their bank accounts without notifying the EPFO of their new banking information.
This can lead to failed transactions when attempting to withdraw EPF funds. To resolve such issues, subscribers must update their bank details via the EPFO portal .
How to Update Bank Account Information on the EPFO Portal
- Log in to the Unified Member Portal with your credentials (username and password).
- Click on the ‘Manage’ tab.
- From the dropdown menu, choose ‘KYC’.
- Select your bank and input the necessary details, including your Bank Account Number, Name, and IFSC code. Then, hit ‘Save’.
- Once your employer approves the changes, your updated bank details will be reflected under the approved KYC section.
EPF Tax Benefits and Contribution AdvantagesThe Employees’ Provident Fund (EPF) offers valuable tax advantages to employees in India. By contributing to their EPF accounts, individuals can claim deductions of up to ₹1.5 lakh annually under Section 80C of the Income Tax Act, making it an attractive option for retirement savings.
EPFO Payroll Data and New Member AdditionsIn December 2023, the EPFO recorded the addition of 15.62 lakh new subscribers , according to payroll data released on February 20. Since April 2018, EPFO has been consistently publishing payroll data, covering figures from September 2017 onwards.
Read More: EPFO issues new rules for employers on digital signatures and e-signatures! How will it impact you?
EPFO Interest Rate for FY 2023-24For the fiscal year 2023-24, EPFO has announced an interest rate of 8.25% for EPF accounts. This rate, once approved by the Ministry of Finance, will be officially confirmed through the government gazette. After this formal approval, the interest will be credited to the subscribers’ EPF accounts. For FY 2022-23, the interest rate was set at 8.15%, the lowest since 1977-78.
