The Employees’ Provident Fund Organisation (EPFO) has been taking various measures to help its subscribers in the time of Covid19, especially those who want to make PF withdrawals. For instance, early on during the pandemic, EPFO had helped its customers by offering a settlement of Covid19 advance claims and giving it a high priority. Additionally, EPFO had said that subscribers could also make multiple claims if they have already made any other claims.
According to the retirement fund body, subscribers are allowed to withdraw money from their EPF corpus. However, in order to ensure the timely credit of the fund withdrawn, one must make sure to have the correct bank account details in the records of the organization. Incorrect bank details can lead to delays or even failure of credit transactions.
Hence, if you think you have incorrect details with the organization, you could rectify it through the EPFO’s unified portal. It can be done using the Universal Account Number (UAN). The 12-digit unique code linked with all PF accounts can be used to update bank details, along with the transfer of funds, make withdrawals, and check PF balance.
Update the bank account details of your EPF account online;
- Go to the EPFO’s member portal and login through your username and password.
- Next, from the top menu go to the ‘Manage’ option.
- Click on the ‘KYC’ option from the drop-down menu.
- While selecting the document type, select ‘bank’.
- Next, add your correct bank account details – bank account number and IFSC as per your bank records, and click on ‘Save’ to proceed.
- Once your details are saved, you will be able to see it under the ‘KYC pending for approval’ option.
- Next, you will have to submit the document proof to your employer.
- After your employer verifies your documents, the status will be shown in the EPFO portal under ‘Digitally Approved KYC’. You will also receive an SMS on your registered mobile number, after approval.