The Employees’ Provident Fund Organisation (EPFO) allows subscribers to update their bank account details to ensure smooth transactions and withdrawals from their EPF accounts. Maintaining accurate banking information is essential, as failing to do so can lead to issues such as failed credit transactions, especially if a subscriber closes an old bank account without updating the new details.
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Steps to Update Bank Account Details in EPF Account
To update your bank account information, follow these simple steps:
- Log In: Visit the Unified Member Portal and log in using your username and password.
- Navigate to Manage: Click on the ‘Manage’ tab in the menu.
- Select KYC: From the dropdown menu, choose ‘KYC’.
- Enter Bank Details: Select your bank and input your Bank Account Number, Name, and IFSC code. Click ‘Save’ to proceed.
- Approval Process: Your updated bank details will be sent for approval by your employer. Once approved, they will appear in the approved KYC section of your profile.
Importance of EPF Account Updates
The Employees’ Provident Fund (EPF) is a widely utilized retirement savings scheme in India, regulated by EPFO. It offers significant tax benefits, allowing subscribers to claim deductions of up to ₹1.5 lakh per year under Section 80C of the Income Tax Act.As of December 2023, EPFO reported an increase of 15.62 lakh new members, reflecting the growing participation in this retirement savings program. The EPFO has also declared an interest rate of 8.25% for EPF accounts for the financial year 2023-24, which is subject to formal announcement by the Ministry of Finance.For those looking to stay updated on personal finance news, including instant loans and business updates, consider downloading the Mint News App for daily market insights and breaking news alerts.
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