Employees Provident Fund or EPF is the most secure and least demanding approach to do saving which you can even change over into the Employees Pension Scheme. It is overseen by the Ministry of Labour and its EPFO division. It is simply relevant to the organizations or foundations with more than 20 salaried employees. It isn’t only a strategy for saving money for both employee & employer yet in addition goes under the organization that works under the Labour Ministry.
Despite the fact that both the parties have an equivalent commitment of 12% of a person’s compensation to the PF account and the government gives interest on the deposited amount yearly. The business owner is simply responsible to make the due payments timely as it is his obligation since he is getting the advantage from the enlistment in the EPFO division. Since September 2015, a business can and should do all the PF exchanges online.
Employees can either make the online installment by means of the EPFO site or they could visit the site of the 10 banks EPFO has teamed up with, for example, SBI, PNB, Union Bank of India, and ICICI Bank. As per ongoing perception, the most straightforward approach to do the online installment of EPF Challan is through SBI. The best part is you can perform it from anyplace and whenever you need regardless of whether you don’t have an SBI account. Nonetheless, making EPF online installment through SBI is generally done by the record holders as it is more helpful to move the assets from a similar bank.
State Bank of India facilitates three types of business accounts for the convenience of employers payment through SBI online.
- Retail
- Saral
- Corporate
You can divide the online payment of EPF Challan through SBI into two categories mainly. The first employer has to create the Temporary Return Reference Number Or TRRN. The second employer needs to make State Bank of India EPF payment online against the TRRN.
First Step for EPF Online Payment Through SBI
As stated earlier before making the online payment through SBI you first need to create the TRRN (Temporary Return Reference Number). This will hardly take 5 minutes of your time. It is a super easy 4 step process to make the EPF payment for an employee.
Step 1- Visit the EPF official site
Step 2- Click on the ‘For Employers’ from the drop-down menu in the ‘Our Services’ tab
Step 3- Choose the ‘Online ECR/Challan Submission/OTCP; option in the ‘Services’ section
Step 4- Then generate your own Temporary Return Reference Number (TRRN) for making online payment of EPF Challan through the SBI official website.
Please note that every bank EPFO is associated with; has different online procedures and options. It only depends on the bank’s net banking and official website structure. Though for all banks it is not mandatory to have an account to make the payment. It is preferable for the convenience of the customer. The main reason to make the EPFO Payment through a bank is to save time and make the process easier for the employers. You can also make the EPFO Payment if you are using Marg HrXpert Software for employees as it will directly take you to your bank page and do the all necessary calculations for you automatically and you can just make the payment in one click.
Second Step of EPF Online Payment Through SBI
Below is the Step by step instructions to Make EPF Online Payment through SBI. As a business owner or an employer, you need to follow them carefully to make EPF online payment through SBI:
Step 1- Go to Unified Portal for Employers.
Step 2- You will see the ‘Establishment sign in’ Page, log in using your username and password whatever you have signed up for the first time.
Step 4- Then choose the “Payment (ECR)” option from the drop-down list option ‘Payment’.
Step 5- Select the Pending TRRN Challan and check all your information in the below-mentioned list. Click on ‘Pay” to make the online payment.
Step 6- You can download the acknowledgment of “file and receipt file” while making the payment at the same time.
Step 7- Select “SBI” from the drop-down list of banks and click on continue to make the successful payment.
Step 8-Then you will be directed to SBI’s net banking page.
Step 9- Login to your SBI business account using your credentials for online banking on SBI such as username and password and complete the online payment of EPFO online.
Goals of An Employees Provident Fund
An employer can also achieve many goals with the help of the Employees Provident Fund. Unlike the public sector, the Private sector voluntarily becomes a part of this scheme and registers themselves under the Ministry of Labour.
➤ Being an employer, you also need to deal with the many employee benefits that can be the perks of job satisfaction one of them is dealing with the retirement and pension scheme as it increases the credibility of the employer and business as well. There is no better way to deal with these issues conveniently than the government’s EPF Fund.
➤ Everyone likes to have money in their savings account but not everyone is that efficient to save it for a long time. The idea of investing money with the government where your employer is contributing as well and you are getting interested in the deposited amount. It brings loyalty and determination towards their work which ultimately benefits the employer.
➤ For every individual, the Employer Provident Fund can provide great profit to both parties and help them to take advantage of it.
➤ The employer can use this opportunity and turn it into getting several benefits from the government such as a rebate on the taxes. An employer can use this service as one of the criteria to apply for several government schemes as well.
➤ Now, We all know the main objective of Employer’s Provident fund is to get a rebate on the taxes for both parties and saving money for retirement and other plans such as wedding expenses or home construction or studies.
Analysis
Even though the Ministry of Labour and EPFO department has launched their online portal a long time ago and since then it is used by many small and large scale companies but the real value is only realized by individuals in the pandemic environment of COVID-19. Due to lockdown and shortage of funds and savings more and more people not just employers but employees also are taking advantage of the online EPF portal.
People are leaning more towards online portals, payroll software like HrXpert for convenience and fast results. This software helps and changes the workflow of the workplace. You can not only make the payment through SBI online but also can withdraw the amount easily through our EPF account.
