Employees Provident Fund: A portion of your pay is deducted each month and deposited into your EPF account if you work in the organised sector. In addition to the employee, the company also deposits money into the EPF account. On this sum deposited each month, a respectable amount of interest is earned.
Current Interest Rate of 8.25%
Interest is currently being paid on it at an 8.25 percent rate. Through EPF, one can contribute to a solid retirement savings. Partial withdrawals from the EPF account are possible if necessary, even after quitting your work, under specific restrictions.
How To Link
- You must first visit the EPFO unified member portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ in order to do this.
- Enter your UAN, password, and captcha code to log in here.
- Click the “Manage” tab after that. A drop-down menu will show up in front of you when you click. You must navigate to this menu and choose the KYC option.
- Next, choose your bank and provide the name, IFSC, and bank account number.
- Click “Submit” once the details have been filled out.
- Your company’s HR department must authorise the process of attaching your bank account after it has been submitted. Your bank account is connected to the PF account as soon as approval is obtained.
Automatic Transfer to Connected Bank Account
The money that you take out of your EPF account is transferred straight to the bank account that is connected to it. However, you will need to link a new account from which you can withdraw the funds if the one connected to the EPF account closes. There is no need to worry if this is a problem you are also experiencing.
Disclaimer: This information is intended for general knowledge only. Any financial decisions should be made in consultation with a qualified professional. DNP News Network Private Limited is not liable for any financial losses incurred based on the information provided here.