Everyone knows that many people have lost their jobs during Corona epidemic. Not only this, many people have had to withdraw money from their provident fund (PF Account) and bring it into their work, but there are many people who do not have special knowledge about their PF account. Like – PF account balance check with missed call or SMS, PF interest, tax rebate, etc.
Benefit of interest: Provident fund
During the Corona period, the interest received on many schemes has reduced, but more interest is available in EPF accounts. The Employees Provident Fund Organization (EPFO) announces an interest rate on the PF amount for every financial year. In the current financial year, EPFO has decided to pay 8.5% interest.
Fill home loan EMI with PF
The amount deposited in a PF account can also be helpful in repaying the EMI of your home loan. Under the EPFO Home Loan Repayment Scheme, the account holders can pay EMI from their salary with the amount deducted every month in PF.
If an employee’s EPFO membership ends and there is no monthly EMI payment in his PF account, the government or PFRDA will not be responsible for paying it.
Benefit of tax exemption
For your information, let the Provident Fund know that along with this, the scheme also provides tax benefits under Section 80 (C) of the Income Tax Act. Not only this, the government also allows partial withdrawal from the amount deposited in the PF amount for employment and other needs.