If you are also planning to withdraw money from your EPF account or if you have to update the details of accounts, now you can do this work very easily. If you do not know the details of your bank account, then you cannot withdraw money from the account.
New Delhi: If you are also planning to withdraw money from your EPF account or if you have to update the details of accounts, now you can do this work very easily. If you do not know the details of your bank account, then you cannot withdraw money from the account. Let us tell you how you can update the details and what are the benefits of this account –
what is EPF
Under the Employees Provident Fund, employees are required to deposit at least 12 percent of their salary from their salary. The employer also puts the same amount in the employee’s EPS. However, employees can invest more than 12 per cent in their EPF contribution. This contribution is made to the retirement fund of the employee. After the age of 58, the entire amount of EPF Fund can be withdrawn. However, there is a provision to withdraw partial amount for medical expenses, house building, education etc. There is also a benefit of tax exemption on EPF. It comes in the EEE category.
Update bank details in EPF account-
>> The first EPFO member will have to go to the integrated member portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/).
>> Here you have to login with username and password.
>> After that you have to click on the ‘Manage’ tab.
>> After that select ‘KYC’ from the drop down menu.
>> Now select your bank and enter bank account number, name and IFSC code (IFSC code) and click ‘Save’.
>> Now your information will be visible in the approved KYC section once approved by the employer.
>> In this way the information of your new bank account will be updated with the EPF account.
Customers also get many benefits on EPF account.
Employees have insurance up to Rs 6 lakh under Employee Deposit Linked Insurance. During the service period of an active member of EPFO, up to Rs 6 lakh is paid to his nominee or legal heir. This benefit is provided by companies and central government to their employees.
2. Benefit of tax exemption – Tell us you get tax exemption in the old tax system. EPF account holders can save up to 12 percent on the tax on their salary under Section 80C of Income Tax.
3. Pension facility – 8.33% of the contribution deposited in the PF account goes to the employee pension scheme. Which is received as pension after retirement. Pension is the biggest support of a person’s old age. For which the government also runs many schemes.
4. Can withdraw money in the middle – A great feature of PF Fund is that some money can be withdrawn from it at the time of need. . With this you will be able to avoid the possibilities of loan.