The Provident Fund (PF) account is an important financial scheme for employees. This scheme not only promotes the habit of saving but also helps during emergencies. The EPFO (Employees’ Provident Fund Organization) manages this account. Every month, 12% of the employee’s salary is deposited into the PF account, and the company contributes the same amount. This means the account is based on the joint contribution of both the employee and the employer.
The PF account provides financial security to employees during times of need. Through this scheme, the government aims to ensure that the working class does not face a financial crisis after retirement or in case of an emergency.
Facility to Link Two Bank Accounts with PF Account
You can withdraw the amount deposited in your PF account before retirement for specific purposes. The amount is sent to the bank account linked to your PF account. However, sometimes the bank account linked to your PF account gets closed or becomes inactive, which can create problems in receiving your PF amount. To address this issue, EPFO has introduced the option to link two bank accounts with your PF account. This step will make it easier for employees to manage their PF funds.
How to Link Another Bank Account to Your PF Account
If the bank account linked to your PF account is inactive, or if you want to link another account, follow these simple steps:
Step 1 – Visit the EPFO member portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface. Log in with your UAN and password.
Step 2 – Click on the ‘Manage’ tab and select the ‘KYC’ option from the drop-down menu. Here, you will see the option to link a second bank account.
Step 3 – Enter the details of your second bank account, including the new bank account number, IFSC code, and other required information.
Step 4 – After entering the bank account details, an OTP will be sent to your registered mobile number for verification.
Step 5 – Enter the OTP and complete the process.
Step 6 – Once your second account is activated, you can transfer your PF amount to it.
Important Points to Remember While Linking a Bank Account
- Your second bank account must have completed the KYC process.
- Only active and valid accounts can be linked.
- Be careful while entering your bank details to avoid any mistakes.
