PF KYC Alert: Most companies transfer a portion of their employees’ salaries to their Provident Fund (PF) accounts. The purpose of this is to help employees save for the future. The Employees’ Provident Fund Organisation (EPFO) is also continuously simplifying and streamlining the rules for PF account holders.
The EPFO has made a significant change to its rules and issued an update for certain accounts. KYC (Know Your Customer) verification is now mandatory for specific PF accounts. If PF account holders do not complete their KYC, they may face significant difficulties in withdrawing their PF funds or receiving their pension in the future. Completing KYC is essential for PF account holders to avoid any problems.
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Why is KYC necessary?
The Employees’ Provident Fund Organisation has made KYC mandatory. If your Aadhaar, PAN, or bank details in your PF account are incorrect or outdated, get them corrected immediately. This can lead to difficulties in PF withdrawals. KYC has been made mandatory to strengthen security and ensure that your earnings reach you directly.
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Who should complete KYC?
Link your Aadhaar card to your PF account.
Verify or update your PAN card details.
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Ensure your bank details are complete and correct.
Consequences of not completing KYC
If you do not complete KYC for any reason, withdrawing your PF funds may take a considerable amount of time.
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Transferring your old PF account to a new one after changing jobs may become very difficult.
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Higher TDS (Tax Deducted at Source) may be deducted if your PAN is not linked.
There may be significant delays in receiving pension and insurance benefits at the time of retirement.
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How to update your KYC
First, go to the EPFO portal.
Log in using your UAN and password.
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Go to the ‘Manage’ section and select the ‘KYC’ option.