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EPF withdrawal: Have Provident fund account? Beware! Do not make this mistake, you may land in trouble
EPF withdrawal: For employed people, Provident Fund is a very sacrosanct fund. It works like a savings bank account as it accumulates money as well as provides interest.
EPF withdrawal: For employed people, Provident Fund is a very sacrosanct fund. It works like a savings bank account as it accumulates money as well as provides interest. Of course, it provides interest that is much, much higher than any savings account does! However, when an employee seeks to withdraw the PF amount, he/she has to make a lot of effort to have that money. Taking this aspect into consideration, the Employees' Provident Fund Organisation (EPFO) has recently made the PF withdrawal rules very easy. Preparations are also on to make them easier, so that you would be able to claim your Provident Fund in merely 3 days. But, you need to ensure that you have checked your KYC properly and not made any mistake in your PF account. If not, you must do it, because any mistake on your part may land you in trouble. It is necessary, therefore, to update your PF account with KYC, besides linking it with your Aadhaar and UAN.
Warning! Your Provident Fund claim may be stuck
You should be aware of the fact that your claim settlement can be scuttled if the details mismatch. Similarly, your retirement fund withdrawal may also face problems. Since a little carelessness can cause you problems, you should take the necessary precautions and correct your KYC in time to save yourself from any problem. Now, the facility is available that you can change details by yourself.
Earlier, both the employee as well as the employer had to make a joint request to make these changes, which used to take a lot of time. Considering such a situation, EPFO started the online request facility to save paperwork and time. After receiving the employee's request, the system compares the details with the UIDAI data. Then after verification, the request is being sent to the employer's login. After this, EPFO's field officer will verify the request, and then process the changes.
If you want to change KYC in your PF account, follow the steps given below:
1. You should fist visit the Unified Portal of EPFO, and login by entering UAN and password
2. On the home page, you should select "Manage> Modify Basic Details"
3. If your Aadhaar is verified, then you cannot edit the detail.
4. Fill up the details, registered with your Aadhaar card, so that the system may verify it with the Aadhaar data
5. Click on “Update Details”, now the information will be sent to the employer for approval
In the next stage, your employer will verify the details as:
1. Employers can check changes by logging at EPFO Unified Portal, clicking on "Member> Details Change Request"
2. The employer will check the details and then approve it
3. After the employer's approval, they can check the status update
4. After making this change, the employer will send the request to the EPFO office
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5. The field officer will then cross-check the information.
6. Finally, the Regional Provident Fund Commissioner will approve the details if found correct
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