The number one rule of your emergency fund cash is that it should be money you can easily access in a pinch. Anything that has a lock-in period does not qualify; money in your Public Provident Fund (PPF), Employee Provident Fund (EPF) or Equity Linked Saving Scheme (ELSS) cannot be part of your emergency fund.
Though the biggest USP of the Employees Provident Fund is its EEE tax status, however, there are certain instances when EPF can become taxable. Here is a look at instances when you are required to pay tax on EPF.
EPFO started crediting 8.5 per cent interest on EPF for 2019-20 for its over six crore members.
Provident Fund (PF) Balance: Recently, retirement fund body Employees Provident Fund Organisation (EPFO) announced that it has started crediting 8.5 per cent rate of interest on employees provident fund (EPF) for 2019-20 for its over six crore members. Now account holders can see their updated EPF accounts with credit of 8.5 per cent rate of interest for 2019-20. According to the EPF website - epfindia.gov.in, in an EPF account, an employee contributes 12 per cent of his or her salary towards the account, and an equal amount is contributed by the employer. EPFO is the nodal body of EPF and allows subscribers to view the EPF passbook online through its website. EFPO also provides the balance information via missed call facility and SMS service. (
EPF Account: How to update bank account details
There have been cases where people close their bank accounts but forget to change or update the new bank account in their EPF Account. Wrong bank account information can lead to unsuccessful credit transactions.
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Employees Provident Fund Organisation (EPFO) enables subscribers to make withdrawals from their EPF Account. The members must have the correct bank account in the records in order to ensure hassle-free withdrawals.
There have been cases where people close their bank accounts but forget to change or update the new bank account in their EPF Account. Wrong bank account information can lead to unsuccessful credit transactions.