The Employees’ Provident Fund Organisation (EPFO) is an umbrella body that allows subscribers to withdraw money from their Employees’ Provident Fund (EPF) corpus. The processes related to the EPF were made easier with the introduction of the Universal Account Number (UAN) in 2014. The UAN which is a 12-digit unique code/number, that links the provident fund (PF) accounts of members and help them in managing their account online.
According to a recent notification from EPFO, the Indian Financial System Code (IFSC) of Andhra Bank, Allahabad Bank, Oriental Bank of Commerce, Syndicate Bank, United Bank of India and Corporation Bank had become invalid with effect from April 1, 2021. It said that members need to update the correct IFSC added through an employer. Non-compliance will result in non-facilitation of their online claim filing, until correct IFSC details from their respective banks are uploaded and approved. The move was also to ensure that claim amount is not returned by banks.
The retirement fund body, via its official Twitter handle has asked members to know the simple steps with which employees can easily update their bank account details in UAN.
Here’ how you can update bank account details in EPF account online:
Step 1: Visit official Unified Member website.
Step 3: Login with your UAN and Password.
Step 3: Click on Manage tab, select KYC option from the drop down menu/list.
Step 4: Select ‘Documents’, enter bank account number, IFSC and click on save.
Step 5: After saving new bank details will show KYC pending for approval.
Step 6: Submit Documents to Employer, after documents are duly verified by the Employer, KYC pending for approval will change to Digital Approved KYC.
However, bank account holders of State Bank of India (SBI) will be digitally verified by the bank itself. Subscribers will receive a confirmation message from EPFO, after successful verification of bank details by employer and SBI.