How to Change a Bank Account in EPFO?

An organisation that encourages workers to save money for retirement is called the Employees’ Provident Fund Organisation (EPFO), and it is not constitutional. It was founded in 1951 and is overseen by the Government of India’s Ministry of Labour and Employment. Workers from India and other countries (from which the EPFO has signed bilateral agreements) are covered by the organisation’s programmes.

This is the largest retirement benefit plan in India, the Employee Provident Fund (EPF), which is administered by the Employee Provident Funds Organisation (EPFO). Employees can contribute to their retirement through EPF. EPF is one of the most well-known social security agencies in the world, with over 6.43 crore members paying for the programme. 

Every employee who has an EPF account needs to update their EPFO account with the new bank account information. The information includes the nominee’s data, bank details, name, address, and phone number. An employee’s individual PF account receives the amount that is withheld from their pay. Claiming retirement benefits is made easier using the information found in one’s EPF account.

The primary aims of EPFO:

• Make sure that each worker has a single EPF account.
• Easily facilitated compliance is required.
• Verify on a regular basis that companies are adhering to the guidelines established by EPFO.
• Companies should upgrade their facilities and make sure that internet services are dependable.
• There should be ease of access to every member’s account online.
• Three days will replace the current 20-day period for claim settlements.
• There is great support and encouragement for willing cooperation.

Main services provided by the EPFO:

• Assistance with Inoperative Accounts: The EPFO established the Inoperative Accounts Online Helpdesk in February 2015 to assist staff members in monitoring inactive accounts that are idle and do not earn interest. Workers have the ability to monitor these accounts, take money out of them, or move it to the current Member ID. To follow dormant accounts, workers must provide basic information about their prior employment.
• Electronic EPF withdrawal: With the aid of the UAN, obtaining the EPF withdrawal amount online is simple. The EPF amount may be withdrawn by employees who have been unemployed for longer than two months. Still, the employee’s Aadhaar and bank information need to be linked with UAN.
• Workers from other countries can create a Certificate of Coverage (CoC): Workers from other countries use online centralised software for creating the Certificate of Coverage that the EPFO has made. CoCs are generated by EPF members who work in nations that have social security agreements with India. Exempted companies can easily file their monthly returns online with the EPFO’s newly available IT tool.
• UMANG App: For EPF members, the EPFO has released the Unified Mobile Application for New-age Governance (UMANG). Workers can access the UMANG app’s services by using their UAN and password. The UMANG app offers a number of functions, including the ability to examine an EPF passbook and update profile information.
• EPF to EPF transfer online: Employers can use the UAN to facilitate online transfers of funds from their former Member ID to their present one. Easy, paperless, and straightforward is the procedure.
• Companies may register online: The EPFO portal is available where businessmen can complete the Online Registration of Establishments (OLRE). This online facility of the PF code allotment letter is very beneficial for employees.

• Making online payment: Making PF payments online is a requirement for every organisation. ICICI Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Union Bank of India, Allahabad Bank, Indian Bank, Bank of Baroda, Punjab National Bank (PNB), and State Bank of India (SBI) are the ten banks that currently have agreements with the EPFO pertaining to the collection of dues.

How to change a bank account in EPFO?

You must ensure that the bank account details you submitted in your PF account are correct, as you know that it is very necessary for the withdrawal of funds from the Employee’s Provident Fund (EPF). It ensures that funds are deducted on time.

 By using the UAN gateway, which expedites the procedure, the EPFO website gives its users a great level of flexibility to amend their bank information or other facts. To update your information, you must have registered on the EPFO Portal.

The whole procedure for amending or switching the bank account number in an EPF account online is as follows:

• Go to the EPFO Portal’s official website, https://www.epfindia.gov.in/, and click on the “For Employees” option under the “Services” button.
• At this point, select “Member UAN/Online Service (OCS/OTCP).” After that, you’ll be taken to the login page.
• Enter your password, captcha, and UAN to get into your EPF account. Verify that the portal has already registered you.
  If you are not already registered, click “Activate your UAN” and fill out the personal information to register. It will sign you up for the UAN Portal automatically.
• After logging in, you will find that the change in your bank account number falls under the KYC Page category. Aadhaar, bank account, PAN, and other numbers are part of KYC. Click the “Manage” button to update KYC. Here, you would see four choices:
  
  1. Details of contact
  2.KYC
  3. Change the essential details.
  4. Electronic Nomination
  When you select KYC, a list of approved KYC document types appears, including bank, PAN, Aadhaar, passport, driver’s licence, and ration card.
• Visit the list of banks and then tick the box; and input the bank information. It consists of the bank’s account number, name according to the bank account, and IFSC code. All of these facts are available in your bank passbook. Make sure you accurately fill in all the details.
• After making changes or inputting the bank information, select the “Save” option.
• The employers are responsible to approve the change of bank account details in the EPFO’s records to expedite the procedure if the employees want to change the account details. Until it is authorised, the option “KYC Pending for Approval” will be shown.

Final words.

It is very difficult for you to withdraw or access funds from your bank account if your information is inaccurate or out of date. It takes time to approve bank account information. It doesn’t happen right away. The approval of KYC details and their subsequent recording in EPFO records typically takes a week.