EPF payments are usually automatically deducted from your salary and are saved in your EPF account. Every working individual with an EPF account is liable to pay 12% of their monthly salary as contributions to their EPF account. One thing to keep in mind concerning the PF is that it only applies to employees who earn more than 15,000 per month. However, employees who do not fall into the bracket can always volunteer to enroll.
In this article, we shall go through all the basic intricacies of making your EPF payments, EPF challan payments, how you can check your EPF payment status, the process for acquiring your EPF payment receipts, and what’s the EPF last day of payment.
How To Deposit PF Payment?
Due to the online facilities available, depositing your PF payment has become very convenient these days.
Employers are required to make EPF contributions to the EPFO every month. The PF payment is required within the first 15 days of the month. Even though both the employer and the employee contribute to the PF account, only the employee registered with the PF Act can make payments to the account. Since September 2015, all businesses must pay their PF digitally. Employers can make online PF payments using EPFO’s website or an authorized bank’s website (if the bank enables direct payment through their website) when the employer has a bank account and net banking activated. These are the steps for depositing your PF payment online:
- You will have to use your Electronic Challan cum Return (ECR) portal credentials to log in to EPFO’s Official Unified portal.
- You may view your establishment’s PF data after logging in using your EPF payment login details. Verify all information, including the establishment ID, name, address, and exemption status.
- Select ‘ECR upload’ from the drop-down menu after clicking on the ‘Payment’ option.
- Provide information such as ‘Wage Month,’ ‘Salary Disbursal Date,’ and ‘Rate of Contribution’ on the page. The ECR text file must then be uploaded.
- The screen will show the message ‘File Validation Successful’ when the uploaded ECR file has been validated for preset conditions. If the ECR file isn’t verified, an error will appear. Modify the ECR text file to the necessary format and re-upload until satisfactory confirmation is received.
- The TRRN created for the submitted ECR file will be shown on the same page. Select ‘Verify’ from the drop-down menu.
- Now, input the Admin/Inspection Fees and press the ‘Generate Challan’ button.
- Click on ‘Finalize’ after you validate the challan amount.
- Choose ‘online’ as the payment option, and then pick the bank you want to pay with via the drop-down list.
- You will now be requested to make a payment via net banking on the bank’s online login page.
- On successful payment, you will receive your transaction id and e-payment slip.
- The transaction status will be updated on the EPFO website, and you will receive confirmation of the payment made using the EPFO TRRN number.
Which Banks are Authorized to Initiate PF Payment?
As of now, 10 banks are authorized to initiate PF payments for employees. These are the State bank of India, Punjab national bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Bank of Baroda, Indian Bank, Axis Bank, and Indian Bank. All businesses must pay their PF electronically starting in September 2015. Employers can make online PF payments using EPFO’s website or an authorized bank’s website (if the bank enables direct payment through their website) when the employer has a bank account and net banking.
How to Generate EPF Challan?
EPF challan is a receipt you receive on successful submission of your epf payment. It is critical to understand the many parts of the challan since this will assist you in managing your payments. It’s best to understand what the data on your EPF challan means. It is generated while you are depositing your EPF payment online. So, if you want to generate your EPF challan, follow the steps mentioned above for EPF payment.
Check EPF Payment Status
Individuals can use the Employees’ Provident Fund Organisation (EPFO) online to check on the status of their epf payment online from the Employees Provident Fund (EPF) plan. Follow these simple steps to check EPF payment status.
- Log onto the EPFO website using your login credentials.
- Then proceed to select the office code and PIN code.
- Then you will be asked to fill in the required details, such as employee PF account number, name and registered mobile number.
- If done correctly, you will receive an SMS to the registered mobile number.
- You can also download your E-passbook Online and keep track of your online payment and transactions.
How To Download PF Payment Receipt?
Just completed your EPF payment online? Let’s see how you can download your PF payment receipt in the unified PF portal online:
- Scroll down to Establishment / TRRN Search on the Unified PF Portal Login Page.
- Then, at the bottom of the ECR portal home page, click on Establishment/TRRN search.
- Click on TRRN Search Query.
- After clicking on the TRRN search query, a new page will show on the computer, asking for Challan TRRN (Temporary Return Reference Number) and Captcha. Here, carefully input the EPF Challan TRRN number as well as the captcha.
- Now you can easily download the PF payment receipt.
Important List of Banks That Provide Online EPF Payment Services
Here is the list of banks that provides online EPF payment services-
- Axis Bank
- Bank of Baroda
- Bank of Maharashtra
- ICICI Bank
- HDFC Bank
- Punjab National Bank
- RBL Bank
Benefits of EPF Payment
Here are the major benefits of EPF payment-
- It helps in building a corpus amount that you can utilize upon retirement.
- The government of India fixes the interest rate.
- You can take out EPF payments in case of unemployment or financial emergency.
- In case of the account holder’s demise, the nominee will give the amount.
- EPF is a retirement savings plan where Employees and employers must contribute every month.
- Since September 2015, the government has made it compulsory for all businesses to make their EPF payment online.
- The online payment can be made through the EPF’s official website or your bank’s website.
There you go! That’s how easy it is to make your monthly EPF payments online without even stepping out of your home. As you may know by now, the Employee Provident Fund (EPF) is a program designed to assist employees in saving money throughout their employment. Therefore, it is a very lucrative scheme for investors. Knowing how to make your EPF payments online is critical because the government has made it mandatory for all registered employers to make their EPF payments online.
Yes, you can make your EPF payment online via the EPFO portal.
Each month’s PF return is due on the 15th. A final PF return is also due on April 15 for the fiscal year concluded on March 31.
Yes, it is very convenient to check your EPF balance online. You may quickly check your EPF balance by using the EPFO website to access your EPF passbook.
When making an EPF payment online, you will be requested to submit your ECR file, so have it available ahead of time.
Simply log in on the EPF’s government website, click on online services, and apply for the withdrawal.
EPF payment is done before 15th of every month. The EPF payment and EPF return dates are same.