State Bank of India Employees Provident Fund Rules

Can you tell me in detail about the EPF or Employees’ Provident Fund service offered by State Bank of India or SBI?

[Rajkumar Agarwal]

EPF or Employees’ Provident Fund is a savings account for salaried individuals and is maintained and handled EPFO (Employees’ Provident Fund Organisation).

Any establishment that consists of more than 20 employees should register with EPFO. Employees who earn a minimum income of up to Rs.15000 should compulsorily invest in EPF; the investment amount is deducted from the individual’s salary amount.

The employee’s contribution is matched by the employer’s contribution to the account. The employer’s contribution to the EPF account is exempted from tax and even though the employee’s contribution is taxable, it is still eligible for tax deductions under section 80C of the Income Tax Act, 1961.

EPF is one of the best small savings scheme for salaried individuals who plan to build on their savings and want to save on tax.

EPF Payment Online
Payments for EPF account can be done online through the official EPF website or through a bank’s website with an internet banking account.

Given below are the steps that need to be followed in order to make EPF payment online through EPF website.
• Visit the EPF website
• Choose the ‘Online ECR/challan submission’ option
• Generate the TRRN(Temporary Return Reference Number)

State Bank of India EPF Online Payment

One can also make payment online for EPF through State Bank of India. The payment can be done at State Bank of India’s online site.

Only corporate or Saral users can make EPF payments online through SBI. Listed below are the steps that need to be followed in order to make EPF payments online through SBI.

• The first step to making SBI EPF online payment is to visit SBI website
• The corporate or saral user has to login to Corporate banking section.
• The user should choose the ‘Payment/Transfer’ option present on the site and then choose the ‘Pay EPF’ option.
• The user has to enter the valid TRRN(Temporary Return Reference Number), choose the debit account and click on the ‘Submit’ option after verifying the details thoroughly.
• If the individual is a corporate user then they have to wait for the authorizer to authorise the debit account. This is not applicable for saral users as there is only one user in case of a saral account.
• Once the account is authorised, the individual can view or print the challan according to their convenience.
• The challan can be found in the ‘Reports’ option in the account.