Employees' Provident Fund Organisation (EPFO), the retirement fund body, allows subscribers to withdraw money from their Employees' Provident Fund (EPF) corpus.
Employees' Provident Fund Organisation (EPFO), the retirement fund body, allows subscribers to withdraw money from their Employees' Provident Fund (EPF) corpus. In order to ensure the timely credit of the fund withdrawn, subscribers must have the correct bank account in the records. Incorrect bank details can lead to failure of credit transactions.
In case if subscribers have incorrect details, the same can be rectified through EPFO's unified portal.
Since the introduction of the Universal Account Number (UAN) in 2014, all processes related to the EPF have been made easier. The UAN, which is a 12 digit unique code, links the PF accounts of members and help them in managing their account online.
Using the UAN, an employee can now transfer funds, make withdrawals, check PF balance and update details.
Here's how one can update bank account details in EPF account online:
Step 1: Visit the EPFO's member portal and login through username and password.
Step 2: Go to 'Manage' option in the top menu bar.
Step 3: Select the 'KYC' option from drop-down.
Step 4: Select document type - bank.
Step 5: Add the correct bank account number and IFSC as per the bank records.
Step 6: Click on 'save'
Step 7: Once the details are saved, it will be shown under the 'KYC pending for approval' tab.
Step 8: Now, submit the document proof to employer.
Step 9: Once documents are verified by employer, the status will be shown under the 'Digitally Approved KYC'. Also, an SMS will be received on the registered mobile number.