Sunday, October 17, 2021

How to update bank account details in EPF Account?

Staff’ Provident Fund Organisation (EPFO), the retirement fund physique, permits subscribers to make withdrawals from their EPF Account. With a view to guarantee trouble free withdrawals, the members will need to have right checking account within the data. There have been cases the place individuals shut their financial institution accounts however neglect to alter or replace the brand new checking account of their EPF Account. Incorrect checking account particulars can result in failure of credit score transactions. Subscribers can rectify their incorrect checking account particulars via the EPFO portal.

Here is a step-by-step information to replace your checking account particulars within the EPFO file:

Step 1: Go to Unified Member Portal & Login with Username and password.

Step 2: Click on ‘Handle’ tab

Step 3: Choose ‘KYC’ from dorp down menu

Step 4: Choose financial institution and fill ‘ Financial institution Account Quantity, Identify and IFSC code’. Click on ‘Save’

Step 5: As soon as it will get accepted by employer, up to date financial institution particulars will likely be seen in accepted KYC part

EPFO has began crediting 8.5% curiosity to its subscribers by the tip of December, based on experiences. The EPFO central board in September stated it is going to pay 8.5% curiosity to its subscribers for the yr ended 31 March. The rate of interest be divided into 8.15% and 0.35%. However, later in December, the Authorities determined to credit score the whole 8.5% into subscribers’ accounts in a single go.

In March this yr, the EPFO’s apex determination making physique Central Board of Trustees, headed by Gangwar, accepted 8.5 per cent rate of interest on EPF for 2019-20.

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