EPFO: If you work in the organized sector, then every month a part of your salary is deducted and goes into the EPF account. Every month, equal amount of employee’s salary and company’s amount goes into the EPF account. The government pays a fixed interest annually on the money in the EPF account.
EPFO: If you work in the organized sector, then every month a part of your salary is deducted and goes into the EPF account. Every month, equal amount of employee’s salary and company’s amount goes into the EPF account. The government pays a fixed interest annually on the money in the EPF account. At present this interest rate has been fixed at 8.25 percent. Employed employees can create a big fund after retirement by depositing money in the EPF account every month. You get this money after retirement. However, you can withdraw some of this money even during your job.
Bank account has to be added on EPFO site
When you withdraw money from EPF while working, the money comes directly into the bank account. Even after retirement, this money comes directly into the bank account. It is important to update your bank account on the EPFO site so that you can get the money without any hassle. If you have not added your bank account on the EPFO website then there is no need to worry. Now you can add these bank accounts yourself. You just have to login to the EPFO website.
This is the way to login to bank account on EPFO
- First of all go to EPFO portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
- Login here by entering your UAN, password and captcha code.
- After this click on the ‘Manage’ tab. After clicking, a drop down menu will appear in front of you. You have to go to this menu and select the KYC option.
- After this select your bank and enter the bank account number, name and IFSC code of the bank. Submit after giving the information.
- After submission, the process of linking your bank account goes to your company’s HR. After approval, your bank account will be linked to the PF account.
