Provident Fund: Is there a mistake in your PF account? Here is how to correct it
Provident Fund mistake: Employees' Provident Fund Organisation allows all salaried employees to make corrections in their PF accounts. Here is how.
Provident Fund mistake: If you are a salaried employee, there is a part of your income that goes towards the Employees' Provident Fund (EPF). Chances are this is also the most annoying part of your salary as well. However, a lot of people fail to understand that it allows you to save a fraction of the salary every month that can be used in the event that you are rendered unable to work, or upon retirement. The scheme is available for all salaried employees and is maintained by the Employees Provident Fund Organisation of India (EPFO).
Just like any other scheme, your provident fund account can also have some mistakes in it. The good thing is that the Employees' Provident Fund Organisation allows all salaried employees to make corrections in their PF accounts. The details that can be corrected include name, date of birth and others. The investors can, however, only edit the details if they are different from what's there on their Aadhaar card.
WATCH Zee Business TV LIVE Streaming Online -
How to make changes in your PF account?
1. Go to the official EPFO Unified Portal.
2. Log in using your UAN and password.
3. Click on Manage and select 'Modify Basic Details'.
4. Edit the details as per requirement.
5. Click on 'Update Details' and submit the corrections for approval
Benefits of PF account
The compound interest is paid on amount standing to the credit of the employee as on the 1st of April every year. The bigger benefit, however, comes in the form of tax benefits. The contribution towards EPF is tax-deductible under Section 80C of the Income Tax Act.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.