EPF-bank account link: EPFO warning - For wrong bank account-UAN seeding, 5 ways to do a correction
EPF-bank account link: If you have seeded Incorrect bank account details into your Universal Account Number (UAN), you should be alert as Employees' Provident Fund Organisation has put up a message on Twitter warning about the same.
EPF-bank account link: If you have seeded Incorrect bank account details into your Universal Account Number (UAN), you should be alert. Employees' Provident Fund Organisation has put up a message on Twitter warning about the same. It said "incorrect details like account number or IFSC will lead to failure of credit transactions." EPFO, one of the world's largest social security organisations in terms of clientele and the volume of financial transactions undertaken, also guided how you can fix it in 5 easy steps. This can be done by visiting https://unifiedportal-mem.epfindia.gov.in/memberinterface.
See Zee Business Live TV Streaming Below:
Let’s have a look at how you can correct wrong account details and create the right EPF-bank account link in step-wise manner:
Step 1: Visit Unified Member Portal and login with member username and password
Step 2: Click on ‘Manage’ tab
Step 3: Select KYC from dropdown menu
Step 4: Now, select bank and fill “Bank account number, Name and IFSC add account number,” and click save
Step 5: Once it get approved by employer, your updated PF-bank account link details will be visible in KYC section
Universal Account Number (UAN)
Employees’ Provident Fund is a saving tool for the working class. It is managed by Employees’ Provident Fund Organisation (EPFO). Under this scheme, the employee has to pay a certain amount of money towards the scheme. The employer also contributes the equal amount and the interest is paid on both employee’s and the employer’s contribution.
UAN is a unique number allotted to every member of the EPFO. This ensures linking of all member IDs allotted to the employee by different establishments for which he has worked. This facilitates employees to view all member IDs at one place. When the employee joins a new organisation, he has to provide his UAN to the employer so that the new PF account is linked with the UAN.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.