The EPF is a retirement savings account for workers and the Employees' Provident Fund Organisation is in charge of it (EPFO).
The Finance Ministry has said that EPFO subscribers would not see a drop in interest rates as a result of the software update being done to account for change in the tax incidence, which has caused a delay in crediting the same for FY22. The Ministry of Finance has assured account holders that there is no need for alarm. You should quickly complete the process of adding a new bank account to your EPF account. To ensure that you never again have to deal with withdrawal issues.
For this fiscal year, the government has set an interest rate of 8.1% on EPF deposits. Interest on PF accounts averaged 8.5% in the previous fiscal year.
The Employees' Provident Fund Organization (EPFO) has also made it possible to complete numerous processes digitally. Changing your EPF account's linked bank account is a breeze when you have a universal account number (UAN). When using any EPF-related online service, you'll need to enter your UAN (Universal Account Number). UAN's functionality necessitates this as well.
Here's how you can update your bank account online
Visit the EPF website if you wish to make changes to your bank account information online. Enter your Username and Password (UAN) to log in, then go to the "Manage" menu and choose "KYC" from the list. Next, click the Documents tab. Then, after putting in the account number and IFSC code, I pressed the "Save" button. Send the paperwork in to the potential employer. "KYC waiting for approval" will become "digitally approved KYC" after the employer has been verified. EPFO will confirm the completion of the procedure with a message.
EPF - what is it?
The EPF is a retirement savings account for workers. The Employees' Provident Fund Organisation is in charge of it (EPFO). Every month, both the employee and the firm pay to the EPF system to equal the total remuneration. This represents 12% of the worker's base pay.
How to check PF balance
To begin, load this URL into the browser on your phone or computer: https://passbook.epfindia.gov.in/MemberPassBook/Login. Enter the UAN and password after this. If so, please enter the captcha code. There will be a new page loading now. To proceed, please choose your PF number from the list below. This will bring up your PF account information. If you have a mobile phone and have registered it with EPFO, you may find out your PF balance by leaving a missed call at 011-22901406. EPFO's email will provide information on pension plans.