PF Withdrawal: Employees Provident Fund alert! Check STEP-by-STEP guide on how to change bank account number
Since the outbreak of the coronavirus pandemic, lots of people have lost their job while several others income declined. On the other hand, the expenses have increased owing to medication and health reasons. To tackle the funding crunch many Provident Fund (PF) subscribers are withdrawing their investments.
Since the outbreak of the coronavirus pandemic, lots of people have lost their job while several others income declined. On the other hand, the expenses have increased owing to medication and health reasons.
To tackle the funding crunch many Provident Fund (PF) subscribers are withdrawing their investments.
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There are certain rules imposed by the Employees' Provident Fund Organisation (EPFO) for the withdrawal of the PF. The Universal Account Number (UAN) which is a unique 12-digits code is a must for the easy withdrawal of the PF amount online.
But there are instances when a PF subscriber wants the savings to get credited in a bank account that is not linked with EPFO. In such cases, there is a need to update or change the bank details available with the EPFO to the one you want the amount to be credited to.
If you are one of such PF subscribers and are unable to change your bank account number, then you can follow the below mentioned simple and easy steps to update the bank details.
1. The EPFO member will have to visit the official website of EPFO at https://www.epfindia.gov.in/ or unifiedportal-mem.epfindia.gov.in/memberinterface/.
2. Then log in using your UAN ID and password.
3. Next, click on ‘Manage’ option and from the drop-down menu select the ‘KYC' option.
4. Click on ‘Documents’ and after that select the ‘Bank’ option.
5. You will then have to enter the bank account number along with its IFSC code in order to update the bank account details.
6. After providing the details tap on the ‘Save’ option.
7. After the click, the portal will show KYC pending for approval.
8. You will then have to submit the bank documents as proof to the employer.
9. The 'KYC pending for approval' will change into 'Digitally Approved KYC' once the employer verifies the submitted documents.
10. EPFO will also send a text message to the PF subscriber informing him/her about the digital approval of the KYC.
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