How to update bank account details with EPFO online? Step-by-step guide
New Delhi: The Employees’ Provident Fund (EPF) is a scheme under which the employees give a portion of their salaries to the provident fund, and employers also must contribute on behalf of their employees. The scheme is backed by the government and is a compulsory deduction for salaried employees. The money in the fund is held and managed by the government. Employees withdraw the money after their retirement. Both the employee and employer contribute 12 per cent of the employee’s basic salary each month.
The increased influence of digitisation in almost every sphere has enabled us to enjoy several facilities sitting at the comfort of our homes. So much so, that the Employees’ Provident Fund Organisation (EPFO) is now allowing its subscribers to update their bank details with the EPF online. The subscribers can do this with the help of their Universal Account Number (UAN). UAN is a significant and game-changing feature when it comes to the EPF. UAN is a unique number given to each subscriber. With the help of UAN, PF account holders can access their details in one place.
Also, they can keep track of all their transactions regarding the PF account. They can also update the bank details linked with the account simply by sitting in their homes. The UAN helps to solve all the problems of the PF account holders digitally. It has helped to maintain social distancing amid the COVID-19 pandemic as the subscribers won’t have to physically visit any place or office.
How to update bank account details with PF account online?
In order to update your bank account details with your PF account online, you will have to follow the below steps:
First, you will have to log in to the official website of EPFO with your credentials.
Then, you will have to click on the ‘Manage’ tab at the top menu.
After that, you have to choose the ‘KYC’ option from the drop-down menu, and select ‘bank’ as the document type.
Enter your new bank account details if it has been updated, like the account number and the IFSC code. Then, you will have to click on the ‘Save’ option to save the bank account details.
You can see the new bank account details under the KYC pending approval section.
Next, submit the necessary documents to your employer. If you are a customer of the State Bank of India (SBI), the verification will be digitally done by the bank itself.
After the completion of the KYC verification, the status of your service request will change to Digitally Approved KYC.
Next, submit the necessary documents to your employer. If you are a customer of the State Bank of India (SBI), the verification will be digitally done by the bank itself.
After the completion of the KYC verification, the status of your service request will change to Digitally Approved KYC.
After that, you have to enter various details like PF number, member ID, name, date of birth, mobile number and captcha code. You can find your PF number or member ID on your salary slips.
In the last step, click on ‘Get Authorisation Pin’, you will receive the UAN on your mobile.
