EPFO Update: Big news for EPFO members. Almost every employed person deposits a portion of their salary into a PF account. Employees receive this money upon retirement. However, in some circumstances, this money can be withdrawn earlier. But what if the linked bank account is closed for any reason? What would you do in such a situation?
Why is it necessary to link an active account?
Employees contribute money to their EPF account with the hope that it will be useful in future times of need. Furthermore, upon retirement, this money will provide a cushion for their old age. However, you can withdraw EPF funds only if you have an active bank account linked to it.
If your active account isn’t linked to EPF, you may face withdrawal problems. Therefore, ensure that your active account is linked to EPF. Let us know how you can check which of your bank accounts is linked to EPF and how you can change it.
How to check which bank account is linked?
- For this, first go to the Employee EPFO Member Portal.
- Login to it by entering the login credentials.
- Now here you will easily see which bank account is linked.
- If this bank account is inactive then change it immediately.
- You can change this only from the EPFO website.
How to change account?
- First of all login to EPFO Member e-Seva Portal through UAN number and password.
- Now click on the Manage menu option.
- After this, the KYC option will have to be selected.
- Here you will get many options, out of which click on the bank option.
- You can now enter your new account number here. But before making the change, make sure that it is correct.
- The account you are going to link should be active.
- After entering the bank account you have to enter the IFSC code.
- Now click on the save option.
When will the account be changed?
Your bank details will be displayed as pending until both your bank and employer approve them. Your bank account will be updated only after approval.