Employees’ Provident Fund Organisation (EPFO), the retirement fund body, allows subscribers to make withdrawals from their EPF Account. In order to ensure hassle free withdrawals, the members must have correct bank account in the records. There have been instances where people close their bank accounts but forget to change or update the new bank account in their EPF Account. Incorrect bank account details can lead to failure of credit transactions. Subscribers can rectify their incorrect bank account details through the EPFO portal.
Here’s a step by step guide to update your bank account details in the EPFO record:
Step 1: Visit Unified Member Portal & Login with Username and password.
Step 2: Click ‘Manage’ tab
Step 3: Select ‘KYC’ from dorp down menu
Step 4: Select bank and fill ‘ Bank Account Number, Name and IFSC code’. Click ‘Save’
Step 5: Once it gets approved by employer, updated bank details will be visible in approved KYC section
EPFO has started crediting 8.5% interest to its subscribers by the end of December, according to reports. The EPFO central board in September said it will pay 8.5% interest to its subscribers for the year ended 31 March. The interest rate be divided into 8.15% and 0.35%. But, later in December, the Government decided to credit the entire 8.5% into subscribers’ accounts in one go.
In March this year, the EPFO’s apex decision making body Central Board of Trustees, headed by Gangwar, approved 8.5 per cent interest rate on EPF for 2019-20.