One should always be careful to ensure that the information provided to EPF are correct and the bank account details provided to the EPFO (Employees’ Provident Fund Organisation) are correct as well. All EPF subscribers must mention an active bank account number with the EPFO which will be connected to the EPF account.
Significance of the bank account
This bank account is of paramount importance since the retirement benefits and pension would be credited to this account. In case the account linked to the EPFO is closed by mistake, what could one possibly do? Let’s find out a few steps that one can take to set things right.
Simple online steps
Anyone can change the bank account linked to the EPFO online without any trouble. But there are several simple steps that one needs to follow.
First, one needs to enter the EPFO portal with the help of ID and password. This can be done on the EPFO homepage. Once in the portal, you can click ‘Manage’ which you can find on the menu bar. A drop-down list will appear from where you can go to KYC.
The KYC will show options and you can select ‘Bank’ from them. All the bank details should be entered in this section. While typing in the details, double-check them to ensure the accuracy of the data being fed. There is a step called ‘Verify IFSC’ in this section. This data will be automatically verified. The name of the relevant bank and name of the branch will be displayed on the screen and just see whether these are correct.
The data that you have entered have to be saved by clicking on the ‘Save’ option. The next step consists in verifying the change made through Aadhar authentication OTP. The OTP has to be typed in and then the subscriber has to ‘Submit’ it.
Stage of approval
The new details that you have entered will be stored in ‘Pending KYC’ section. The bank that you have mentioned has to approve them. The EPF subscriber also has to submit relevant documents to the employer. Once these are verified, the status is changed to ‘Digitally Approved KYC’, which will be also communicated to the EPF subscriber on his/her mobile number.
The Employees’ Provident Fund is an extremely significant social security scheme for blue and white-collar employees alike. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
