Important EPF Alert! Many people have lost their jobs due to the coronavirus pandemic, while others have seen their income drop. On the other side, due to medication and health issues, expenditures have risen.
Therefore, Many Provident Fund (PF) contributors in India are withdrawing their contributions to help themselves with the funding shortage.
In this article, we will read a STEP-by-STEP guide on how to change the bank account number for EPF. In addition, we will also learn about EPFO and EPF.
Know About EPFO
EPFO (Employees’ Provident Fund Organisation) is a retirement fund organisation in India that provides Universal Social Security Coverage to all salaried employees. As a consequence, it is one of the largest social governmental organisations in the world.
Which plans are covered by EPFO?
EPFO’s three schemes are the EPF Scheme of 1952, the Pension Scheme of 1995 (EPS), and the Insurance Scheme of 1976.
EPF, on the other hand, is one of the most popular plans under this list.
What is the Employee Pension Fund (EPF)?
EPF is a retirement investment scheme. Both employers and contractors contribute equally to the fund under this scheme.
As a result, the employer and the employee contribute 12% of the employee’s basic salary.
After that, when the employee retires, he or she collects a lump sum payout plus interest.
Why EPF Alert!
Multiple PF subscribers wish to have his or her savings deposited into a different bank account not linking to the default bank account on EPFO. One needs to update or change the EPFO’s bank account information to do so in such circumstances.
If you want to change your bank account number as per the EPF alert, make sure to follow the steps as follows.
Stepwise Guide on EPF Alert to change the bank account number
- Firstly, Visit http://www.epfigms.gov.in/
- Secondly, log in with the EPFO Credentials. (UAN ID and password)
- Now the next step is to click on the ‘Manage’ Option.
- A new drop-down menu will appear. Select the ‘KYC’ Option from this menu.
- Select the ‘Bank’ option after clicking on ‘Documents.’
- To update the bank account information, now enter the new bank account number as well as it’s IFSC code.
- Then click on Save, and it will show KYC Pending.
- To complete the KYC, submit the bank documents as proof to your employer.
- Once the employer approves the KYC, the status will update to ‘Digitally Approved KYC’.
- Moreover, the EPFO will send an SMS on your registered mobile number to notify you about the same.
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