How to Change Your EPFO Bank Account?
Established in 1952 under the Employees Provident Fund and Miscellaneous Provisions Act, the Employees Provident Fund Organisation (EPFO) is a statutory body. It is in charge of overseeing and controlling all officially recognised provident fund accounts in India. EPFO is dedicated to upholding accountability and openness in its business practices. For withdrawals, all Employees Provident Fund (EPF) participants need to link an active bank account to their PF accounts. The EPF India portal has made it simpler for EPFO members to update their bank information in recent years. You must, however, have your Universal Account Number (UAN) on hand in order to do this. In this article, we will explain the steps to add or change your EPFO bank account.
Table of Content
Why Should You Maintain Accurate Bank Account Details in EPFO Account?
The Employee Provident Fund (EPF), India's largest retirement benefit plan, is administered by the Employee Provident Funds Organisation (EPFO). Employees can save for their retirement through EPF. EPF is one of the most well-known social security programs in the world, with over 6.43 crore members making contributions to the program. Every employee who has an EPF account needs to update their EPFO account with their bank account information. The details include:
Name
Address
Phone number
Nominee information
Bank information
The money that is taken out of an employee's pay cheque is put into their individual PF account. Claiming retirement benefits is aided by the information contained in one's EPF account. You will therefore have trouble withdrawing or transferring funds from your PF account if your bank account information is inaccurate or out of date. In this sense, EPFO gives all beneficiaries plenty of chances to update their bank information on the official EPFO service page.
Steps to Add Bank Account Details in EPFO
All pertinent data pertaining to an employee's provident fund is included in EPF accounts. The detailed instructions for adding a bank account to EPFO are provided here. By doing this, you'll be able to take money out of your EPF account without any problems.
Step 1: Go to the member portal of EPFO. To sign in, provide your password and UAN number, among other valid credentials. Additionally, you will need to use an OTP for authentication.
Step 2: After logging in, choose the "KYC" option under the "Manage" option in the top menu.
Step 3: After that, choose the bank from the KYC menu and enter the required bank information. Your name, account number, IFSC code, and other information are among the details.
Step 4: After inserting the information, double-check it once, and then click "Verify IFSC" to continue. The name of the bank and the branch name will appear on the screen after the IFSC entered has been automatically validated.
Step 5: After selecting "Save," you will be prompted to confirm the modification using an OTP for Aadhar authentication. Enter the OTP and click "Submit."
Step 6: You may view all of your bank information in the "Pending KYC" area after it has been saved. The concerned bank department will first authorise the application. Following bank approval, the application will be sent to your employer for approval.
Step 7: Send the employer all pertinent and necessary paperwork. 'Digitally Approved KYC' is the new status after the documents have been successfully verified. You will receive an approval message on the mobile number you registered.
Steps to Add Another Bank Account in the EPFO Portal
You must do the actions listed below in order to add another bank account to the EPFO Unified Portal:
Step 1: Click the 'Manage' option from the top menu when you are on the EPFO unified portal.
Step 2: Choose the 'KYC' option from the drop-down menu.
Step 3: To add another bank as the document type, choose it.
Step 4: Add the necessary IFSC code and bank account number. Click "Save" to continue after finishing.
Steps to Add a Bank Account in the EPFO via Umang App
The Umang App is the best choice for EPFO members who want to easily access services. However, using the Umang app to make withdrawals requires meeting specific eligibility requirements. Additionally, you can use the Umang app on your phone to track PF accounts. The information below explains how to use Umang to access different EPFO-related services:
Step 1: Get the Umang app from the Google Play Store or the Apple App Store.
Step 2: After logging in to the app, enter your password and Aadhaar number.
Step 3: From the list of services, pick the "EPFO" service type.
Step 4: You can use the different services that are offered.
In addition to numerous other services, the Umang App does not yet offer services for changing or updating bank accounts.
Steps to Add a Bank Account in the EPFO without an Employer
Members of some bank accounts are required to obtain employment consent. Other banks, however, do not require employer consent. You can link your bank account number to your PF account online using the UAN member site by following the instructions provided.
Step 1: Enter your UAN ID and password to access the UAN member portal.
Step 2: From the drop-down menu, choose KYC after clicking on "Manage," which is situated in the menu bar.
Step 3: Enter the account number and IFSC code of the bank of your choice.
Step 4: Your IFSC code will be validated when you click "Verify IFSC."
Step 5: A fresh OTP will be sent to the cellphone number associated with your Aadhaar when you click the "Save" option.
Step 6: Click "Submit" after entering the OTP that was delivered to your mobile number.
Your bank will now authorise the connection between your bank account and the EPF account. Within two to three business days of receiving an approval notification, your bank account information will be added to your EPFO account.
Steps to Update Bank Details in EPFO
It is easy to update your bank information on EPF, and you don't need to go to the local EPFO branch to do so. The following is a detailed explanation of how to update an EPFO account's bank information:
Step 1: Go to the Member portal of UAN. Enter your UAN, password, and security code to access the account.
Step 2: Choose the 'KYC' option from the drop-down menu under the 'Manage' tab on the provided menu.
Step 3: You will be taken to a new page as a result. Modify the information you wish to be updated. Choose your preferred bank and provide the required information, such as your "name," "IFSC code," "bank account number," etc.
Step 4: Click "Verify IFSC" once you have chosen every detail. A notification that reads "IFSC Verified" will appear. Press the "OK" button.
Step 5: Verify that the data you previously entered is correct. In such a case, mark the box below and save the information.
Step 6: An OTP will be sent to the phone number you registered. Click 'Submit' after entering the OTP. The bank will approve your application first, followed by your company. You will be notified by SMS after the employer has approved the documents you provided.
Steps to Change Bank Details in EPFO
The detailed instructions for switching bank accounts in EPFO are provided here. This would also make it easy for you to withdraw the desired amount from your PF account.
Step 1: Enter your login ID and password on the home page to access the EPFO member area.
Step 2: Choose 'KYC' from the drop-down menu list after clicking on 'Manage' in the menu bar.
Step 3: From the list of options, choose "Bank."
Step 4: Enter the bank's complete information, including the account number and IFSC code.
Step 5: After inserting the information, double-check it once, and then click "Verify IFSC" to continue. The name of the bank and the branch name will appear on the screen after the IFSC entered has been automatically validated.
Step 6: After selecting "Save," you will be prompted to confirm the modification using an OTP for Aadhar authentication. Enter the OTP and click "Submit."
Step 7: You may view all of your bank information in the "Pending KYC" area after it has been saved. The concerned bank department will first authorise the application. Following bank approval, the application will be sent to your employer for approval.
Step 8: Send the employer all pertinent and necessary paperwork. 'Digitally Approved KYC' is the new status after the documents have been successfully verified. You will receive an approval message on the mobile number you registered.
Conclusion
For working professionals in India, the Employee Provident Fund provides a reliable financial service. Even after leaving their prior employer, people are still covered for retirement under this plan. People should therefore continue to be mindful about moving their PF balance from their former employer to their current one. People can have a seamless PF transfer process by following the aforementioned instructions and supplying the required paperwork.
FAQ
Q1. Why should you keep EPFO bank account details updated?
To make it easier to withdraw funds from your PF account, it's critical to have your EPFO bank account information up to date. Through the EPFO service portal, members of EPFO are able to change the information associated with their bank accounts.
Q2. Can I update bank details in EPF online?
Yes, you can use the EPFO member site to update your EPF account's bank information online.
Q3. How can I get approval for my bank KYC with EPF from my employer?
Employers typically grant KYC demands. It is necessary to contact the EPF Grievance portal if they do not grant approval. However, the "KYC pending for approval" feature on the site allows employees to monitor developments online.
Q4. How many days does it take to verify my bank account with EPFO?
Verification of a bank account with EPFO typically takes three to five business days.
Q5. Is it possible to change the bank account for PF without an employer?
Without an employer, it is possible to switch the PF bank account. You must enter your updated PAN and bank account information after logging into the member site.
Q6. Is there a time limit for an employer to approve the request for the bank update/change?
Yes, the request must be approved by the employer within 60 days following the relevant bank's permission.
Q7. How can I change my PF account from one bank to another?
You must go to the official EPFO website and log in with your UAN and password in order to switch your PF account from one bank to another. Click the 'Online Services' tab after that. Fill out Form 13 and confirm all of your personal details. Enter your current and former employer information, as well as your old and new PF account numbers. Once these fields have been completed, submit the online form. Your PF account balance will be moved from one bank to another as soon as your present and former employers approve the transfer.
Q8. How can I delete my old bank account number in EPF?
The bank account number in EPF cannot be removed using your UAN. Having a bank account linked to a UAN is required. You can, however, request an update from your company to modify the bank account.
Q9. Can I add a different bank account for PF withdrawal?
Yes, you can use the EPFO web site to add a different bank account to receive your PF withdrawals. Members of EPFO have the ability to add or update their bank account information on the employee service portal.
Q10. How can I transfer my PF amount to the bank account online?
By accessing the EPFO website and logging in with your Universal Account Number (UAN) and password, you can electronically transfer your PF funds to your bank account. You can move your PF account balance to your bank account if you qualify for the transfer.
Q11. What will happen if I have not updated the bank account details yet I want to withdraw my PF balance?
In that scenario, you can only withdraw your PF balance after updating your bank account information, which typically takes ten to fifteen days. Therefore, in the event of a change, it is advised to update the bank information on the EPFO site on a regular basis.
Q12. What are the common precautions to be taken while uploading the bank account details on EPFO portal?
The following are some precautions that one should take:
Update the active bank account
Make sure your Aadhar card and PF account are linked to the same mobile number
Check to see if your bank has merged with another bank, since this could affect your IFSC
Once the bank has approved the application, get in touch with your employer to get it approved.
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