Want to Link Multiple Bank Accounts to Your PF? Check Out the Government’s New Method

There are times when you may need to link multiple bank accounts to your PF account. The Employees’ Provident Fund (EPF) is more than just a savings scheme – it serves as an important financial safety net for individuals. Typically, 12 per cent of an employee’s salary is deducted and deposited into their EPF account, with an equal contribution from the employer. EPF is regulated by the Employees’ Provident Fund Organisation (EPFO). But is it possible to link more than one bank account to a PF account?

In some cases, the bank account linked to the PF account may become inactive or cancelled. In such situations, a new bank account will need to be linked to the PF account. While multiple bank accounts can be linked, only one can be used for transactions at a time.

Steps to Link Your Bank Account to PF Account

1. Go to the EPFO-integrated portal.
2. Log in using your UAN and password.
3. Click on the Manage option.
4. Select KYC.
5. Choose the Bank option and enter your bank details, including account number, name, and IFSC code.
6. Click Submit.

How to Manage EPFO Through UAN

Mansukh Mandaviya stated that EPFO 3.0 will function like a bank. This system allows users to easily manage their accounts using their Universal Account Number (UAN).

How to Withdraw PF in Case of Unemployment

If you remain unemployed for more than one month, you can withdraw 75% of the amount from your PF account. If you remain unemployed for two months, you can withdraw the remaining 25%.

PF Withdrawal in Case of Company Closure

If your company closes for six months, you can withdraw the entire amount from your PF account.
Important Note: If the company reopens, you must deposit the withdrawn money back in 36 instalments.

PF Withdrawal in Case of Layoff

If you are suddenly laid off, you can withdraw up to 50% of your PF amount.