5 smart ways to manage your EPF account
What's the story
Managing your Employee Provident Fund (EPF) account the right way can pay off big time.
With the right tricks up your sleeve, you can make sure that your EPF account is the most optimized for maximum returns and least hassle.
Here's taking a look at five handy tips to help you handle your EPF account better, making the most of this essential financial tool.
Nominee updates
Regularly update your nominee details
Keeping nominee details updated is critical for ensuring that your EPF savings are transferred seamlessly in case of an unforeseen event.
Regular updates avoid legal hassles and ensure that the intended beneficiaries receive the funds without delay.
Make it a habit to review and update these details whenever there are changes in your personal circumstances, such as marriage or childbirth.
Contribution monitoring
Monitor contributions consistently
Regularly monitoring contributions also ensures that both employer and employee contributions are deposited correctly into your EPF account.
This practice guarantees transparency and lets you address any discrepancies, if any, promptly.
By keeping an eye on monthly statements, you can track the growth of your savings over time too.
Online access
Utilize online services for easy access
Leveraging online services offered by the Employees' Provident Fund Organisation makes account management a lot simpler.
Through online portals, members can check their balance, download passbooks, and even transfer accounts while changing jobs.
Using these digital tools saves time and offers easy access to important information at any given moment.
Job change transfers
Ensure timely transfers when changing jobs
When switching jobs, it is essential to transfer your existing EPF balance to the new employer's trust immediately.
Any delays in transferring funds can result in interest loss or difficulties in withdrawal processes later on.
Initiating transfers through online platforms ensures a seamless transition between employers without losing out on accrued benefits.
Interest tracking
Keep track of interest rates annually
Staying up to date with the annual interest rates announced by the government helps one know how much return they can expect from their EPF investments every year.
Knowing these rates help in better planning of future finances, while also giving a perspective into whether additional voluntary contributions could be beneficial depending on the state of the economy.