The Employees’ Provident Fund (EPF) scheme is managed by the Employees’ Provident Fund Organisation (EPFO) to provide financial security to the employees in the private sector after their retirement. As a part of the EPF scheme, an employee needs to make a contribution of 12 per cent of the basic salary and the dearness allowance every month to the PF account. Another equal amount is also contributed by the employer.
The total EPF amount can be withdrawn by the employee after retirement and advance withdrawal is also allowed under certain conditions.
Notably, employees eligible for EPF have all of their information including their name, mobile number, address, nominee, bank details, and others stored in their PF accounts, and the deducted amount is also deposited in their accounts on a regular basis.
What if your bank details are not updated? Well, this might be a matter of concern as it can create issues while trying to withdraw money from your PF account. However, EPFO gives the option to the members to activate their account and update their bank account details on the EPFO employees’ services portal.
Why do you need to update bank details in the EPF account?
EPF accounts are meant to store all the information and deposits related to an employee’s provident fund, especially for retirement benefits. However, bank details should be accurate and up to date for helping account holders to withdraw their money without any hassle.
How to update bank details in the EPF account?
1. First go to the EPFO’s member portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/
2. Login with your credentials like your UAN number and password.
3. After logging in, go to the ‘Manage’ option in the top menu and select the ‘KYC’ option.
4. Next, select your bank.
5. Update your account details like bank account number, name, IFSC code, and others.
6. Confirm your changes and click on ‘Save’ to proceed.
7. Once the details are saved, you will be able to see the details under the ‘Pending KYC’ section.
8. Next, submit the required documents to your employer.
After the documents are verified, the status will change to ‘Digitally Approved KYC’. You will also receive a message of approval on your registered mobile number.