Aashish was eagerly awaiting retirement to spend the rest of his life with his family. He has been working hard and keeping busy with a demanding job. He has dedicated years to his job and was expecting a peaceful retirement to spend quality time fulfilling his hobbies and dreams.
Aashish has been contributing to his Employees’ Provident Fund (EPF) to accumulate a corpus for his golden retirement years. However, one day, he realized that the PF funds he awaited wouldn’t reach his bank account on time as his bank details in the EPF account were not up-to-date.
This proves how important it is to update bank details in the EPF account. It is not only mandatory but significant to ensure that your hard-earned savings reach you during retirement when you need them the most. Updated bank details in your EPF determine smooth fund transfers, withdrawals, and other financial transactions.
In this post, we are providing step-by-step instructions on how to update bank details in EPFO via online and offline methods and take you through other significant information.
Why Update Bank Details in EPF
The EPF or the Employees Provident Fund is a scheme maintained by the EPFO or the Employees’ Provident Fund Organisation, India. With over 6.2 crore contributory members, EPFO is one of the largest social security organizations ensuring monetary security to employees in the country.
Eligible employees under EPF have to update all their information in their PF account. These include details like name, contact number, address, bank details, and nominee details. The amount deducted from their salary every month is also deposited in the bank PF account regularly. The details stored in the EPF account are especially necessary to claim your retirement benefits. Hence, inaccuracy in the bank account details, or if they are not updated, becomes a matter of concern for the employee if they want to withdraw or transfer money from the PF account.
EPFO provides the opportunity to its members to activate and update their bank account details on the service portal of EPFO.
Prerequisites for Updating Bank Details in the EPF Account
EPFO members can update their bank details on their EPFO account online. To avail of this facility, the members require their UAN or Universal Account Number. The UAN is a distinct 12-digit number assigned to each EPF member by the EPFO organization. Employees can use their UAN to view the details of their pension fund, track transaction history, as well as update bank account details.
Here are the bank details required to update bank account details for the PF account:
- Name as per Bank Account
- Bank Account Number
- IFSC Code of the Bank
Also, ensure that your mobile number linked to your Aadhaar and the one linked to your EPF Account are the same.
Ensure to review the checklist of prerequisites needed before updating the bank details. This will help in eliminating any errors.
Updating Bank Details Online in the EPF Account
Updating bank details online is extremely convenient as you can access it from the ease of your home without having to go through the hassle of visiting the EPFO branch.
To update bank details online in your EPF account, below are the steps to follow:
Step 1 – Visit the official website of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2 – On the right-hand side of the home page, you can see UAN Member e-Seva. Use your UAN, password, and captcha code to log in to the account
Step 3 – Next, go to the ‘Manage’ tab on the top menu bar, and from the drop-down menu select the ‘KYC’ option
Step 4 – You will be redirected to a page containing different details. Select the details you want to update
Step 5 – Here, select ‘bank’ and update details like ‘name’, ‘bank account number’, and IFSC code, etc.
Step 6 – After entering all the above details, you can see a button ‘Verify IFSC’; click on the same. A pop-up message will appear with ‘IFSC Verified’. Click on ‘OK’
Step 7 – The Branch Name and Bank Name will automatically appear. Check if the same is accurate. Just below, a check box needs to be ticked for consent. After that, click on the ‘Save’ button.
Step 8 – An OTP will be sent to the Aadhaar registered mobile. (It is essential that the mobile number linked to Aadhaar and EPF is the same)
Step 9 – Enter the OTP (received on your registered mobile number) in the ‘Enter OTP’ section. Then click on the ‘Submit’ button
Step 10 – You will see that the application has been submitted and is now pending for approval. Approval can be via two methods:
Method 1 – Your Bank Account is verified by your Bank (Usually gets verified within 48 hrs.)
Method 2 – The KYC details are seeded only after digital approval by the Employer (The Employer is given a period of 60 days to verify and digitally approve)
Step 11 – If your bank verifies the KYC, you can see the status in the KYC History section as ‘Verified online by Bank’
Step 12 – In case your KYC needs to be approved by the Employer, you will see the status in the KYC Pending for Approval section as ‘Pending with Employer for digital signing’
Step 13 – You are required to contact your Employer, and submit copies of the documents to your Employer if required
Step 14 – Once your Employer verifies and approves your submitted documents, they will appear under the section of ‘Digitally Approved KYC’ on the EPFO portal
Step 15 – You will be informed about the approval of the documents through an SMS
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Updating Bank Details Offline in the EPF Account
The third method is the offline process that can be applied by those who find it uncomfortable to use the online mode to update bank details in their EPF account. All that is required is to visit the office of the EPFO under your respective purview and submit a duly filled form to update bank details. You can also get other information from the EPFO office about your PF fund, as well as transfer and withdraw PF from your account.
You will require the below documents/details to update bank details in an EPFO branch:
- Aadhaar Card
- PAN Card
- Bank Details (Bank Account Number, IFSC Code)
- Cancelled Bank Cheque
The presence of the EPFO member at the EPF branch office is required in person on some occasions, such as when the claim status of employees is pending for an extended period or any similar situation. During such a scenario, you must visit your PF office to resolve any pending action required.
Common Issues and Troubleshooting Related to Updating Bank Details in the EPF Account
To maintain updated UAN and EPF accounts is very crucial. If employees are unaware of the process to keep EPF, it may cause challenges when withdrawing the fund. Hence, it is essential to ensure that even the minute details of your PF account are updated and accurate; this can prevent you from getting into a problematic situation in the future.
The most common troubles faced by EPFO members are:
- Unaware of UAN Number
- How to add a bank account in EPFO?
- What documents need to be updated?
- Where to log in and navigate through the portal?
- How to activate UAN?
- How to take correct measures if any issue arises while generating UAN?
- How to manage UAN?
- How to check PF Balance?
How to change your name in your bank account online?
To resolve these queries, the employee must be vigilant about the below considerations:
- Maintain your updated Aadhaar details and accurate data on your EFP account
- Link your mobile number with Aadhaar
- Link your Aadhaar with EPF Account
- Make sure that your bank details updated on the EPF account are accurate
- Your PAN card details should also match your Aadhaar
- Next, you should Activate your UAN
Once you update the above, maintain your UAN, and link all your PF numbers to your UAN, you can avoid most of the hassles related to your PF account.
EPFO Helpline Numbers, Mail-id and Toll-Free Number
Further, EPFO helpline numbers can also be used to resolve any further query regarding your EPFO account. Check the link to the complete list of regional offices with dedicated WhatsApp helpline numbers for solving EPFO employee queries on WhatsApp.
You may also contact EPFO Helpdesk at Toll-Free Number: 1800 11 8005
Security and Data Privacy of the EPF Account
A KYC update is essential for your EPF account. It ensures smoother transactions of your PF and secures your financial details. Further, the EPF account contains the details of employees such as Aadhaar and PAN details and other important information of an employee. These pieces of information are very crucial and need to be safeguarded from being breached. You must ensure not to share the OTPs generated while updating bank details or any other process in the EPFO portal.
Following the step-wise guide mentioned above, one can help you easily and effectively navigate the EPFO portal and enjoy a secure and seamless EPF experience. By updating your KYC details regularly, you can align with the necessary regulatory requirements to avoid hassles in accessing your EPF online and saving time.
Checking the Status of the Bank Details Update on the EPFO portal
You can check the status of your EPF KYC by visiting the EPFO member e-Sewa portal. Submit your UAN and password along with the captcha to log in to the portal. Once done, go to the ‘Manage’ tab in the header and choose the ‘KYC’ option from the drop-down menu. Under the ‘Digitally Approved KYC’ section, you can check if your documents are available. If your documents are approved and accepted, they will be displayed there.
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Updated bank details and other information in your EPF account are important. Without accurate details, you will face complications at the time of withdrawal of PF funds from your EPF account. Hence, you must record the correct bank details in the EPF account.
The key idea to accumulate funds in your EPF account is to save enough for your retirement. So, any issues in the PF account will extend the time duration of receiving the retirement corpus and may cause you financial hurdles. It is, thus, imperative to maintain an up-to-date EPF account with the bank, UAN, and other details.
Disclaimer: EPFO keeps its members abreast of any updates and notifications related to their EPF account. You may consult the official EPF portal for the most up-to-date information and processes.
FAQs: How to Update Bank Details in the EPF Account
What is KYC? Why is it important to update KYC details?
KYC means ‘Know your Customer’. It is a process that helps in the verification of EPF members by linking bank details in the EPF account with your KYC details. KYC details include your Aadhaar, PAN, Passport, Voter ID, etc.
KYC is important as well as mandatory since it supports financial institutions to verify customers to avoid potential risks and to prevent fraud.
Is it necessary to update KYC details online in the EPF account? Can I update them offline?
It is not obligatory to update KYC details online. However, updating KYC online helps in doing it quickly and smoothly without the hassle of visiting the branch of EFPO. If you prefer the offline method, you can update KYC offline.
Can I check the status of my EPF KYC online?
You can check the status of your EPF KYC by visiting the EPFO member e-Sewa portal. Submit your UAN and password along with the captcha to log into the portal. Once done, go to the header ‘Manage’ and choose the ‘KYC’ option from the drop-down menu. Under the ‘Digitally Approved KYC’ section, you can check if your documents are available. If your documents are approved and accepted, they will be displayed there.
Shall I upload documents on the EPFO Portal?
No, it is not required to upload documents on the EPFO Portal. You can simply specify the document and submit the document number.
Where can I check my PF KYC status online?
Visit the Member e-Sewa portal to check your PF KYC status online.