Standard Process of Updating Bank Account Details in EPF Account

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Standard Process of Updating Bank Account Details in EPF Account

Employees Provident Fund Organisation is usually a retirement fund body that allows customers to make withdrawals from their EPF Account. In order to ensure hassle-free withdrawals, the customers must have an accurate bank account in the records. There are instances where people close their bank accounts and do not change or update the new bank account in their EPF Account. Moreover, incorrect bank account details can lead to the failure of credit transactions. The customers can then verify their incorrect bank account details through the EPFO portal. 

The banking sector is rapidly growing as it is becoming more improved and bringing advanced technologies and processes. Today, the customer can easily access their EPF account with the help of the internet along with doing the withdrawals from any place.  

EPFO has been initiated by crediting over 8.5% interest to its subscribers by the end of December. The EPFO central board cleared the statement that they will be paying 8.5% interest to the customers for the year ended 31 March. The interest rate has been divided into 8.15% and 0.35%. In December, the government cleared a decision to credit the entire 8.5% into subscribers’ accounts.

Here is the step by step guide to update your bank account details in the EPF record: 

  • Firstly the user needs to visit Unified Member Portal & Login with Username and Password. 
  • Then the user needs to click on the Manage tab and select KYC from the menu section. 
  • After selecting the bank and filling in the Bank Account, Name, and IFSC code. Click on Save. 
  • Once it gets approved by the employer, update the bank details, and get your KYC approved from the section. 

In March, the EPFO apex decision was made by the Central Board of Trustee, which has been taken charge by Gangwar. 

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