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Closing a bank account is something many of us need to do at some point. For instance, someone relocating to a new city or country might prefer managing their finances closer to home. Others may decide to merge multiple accounts to keep their finances simple and organised. Some accounts may remain inactive for long periods, or someone may need a different type of account, such as a salary or business account that better suits their needs.
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The Employee Provident Fund (EPF) is an important component of retirement planning, and the Universal Account Number (UAN) has simplified and made EPF account management easier and more transparent. To ensure smooth access to all online benefits—such as claim settlement, account transfer, or passbook updates—the Employees’ Provident Fund Organisation (EPFO) requires members to complete their Know Your Customer (KYC) process
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Planning your retirement is not just about setting aside money; it is about ensuring long-term stability and peace of mind. In India, the Employees’ Provident Fund (EPF) plays a crucial role in this process by safeguarding employees’ savings and providing financial security in retirement. Since the scheme involves monthly contributions and accrued interest, members require clear and transparent details of the funds.
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