HomePersonal FinanceHow to Change EPFO Bank Account? Simple Steps

How to Change EPFO Bank Account? Simple Steps

EPFO stands as a stalwart institution in India, safeguarding the retirement benefits of millions through its Employee Provident Fund (EPF) scheme. With over 6.43 crore members contributing to this monumental scheme, maintaining precise bank account details becomes indispensable. Your EPF account serves as a repository for vital information, including your name, address, contact details, nominee particulars, and crucially, your bank account information. Inaccuracies or outdated details in this repository can impede your ability to seamlessly withdraw or transfer funds from your EPF account, potentially disrupting your financial plans during retirement.

add change EPFO bank account

Adding Bank Account Details in EPFO: A Step-by-Step Guide

Adding your bank account details to your EPFO account is a straightforward process facilitated through the EPF India portal. Here’s a concise guide to help you navigate through the steps effortlessly:

Step 1: Accessing the EPFO Member Portal

Step 2: Managing KYC Details

  • Once logged in, locate the ‘Manage’ option in the top menu and select ‘KYC’.
  • Choose the bank option and furnish the requisite bank details, including your account number and IFSC code.
  • Confirm the details and save your changes.

Step 3: Verification and Approval

  • Your newly added bank details will appear under the ‘Pending KYC’ section.
  • Submit the necessary documents to your employer for verification.
  • Upon successful verification, your KYC status will transition to ‘Digitally Approved KYC’, with a confirmation message dispatched to your registered mobile number.

Adding Another Bank Account via EPFO Unified Portal

For those seeking to add multiple bank accounts through the EPFO Unified Portal, the process remains seamless:

  • Visit the EPFO Unified Portal and navigate to the ‘Manage’ section.
  • Select ‘KYC’ from the dropdown menu.
  • Choose the document type as ‘Bank’ and input the details of the additional bank account.
  • Save your changes to finalize the addition.

Adding Bank Account in EPF without Employer Intervention

Certain banks mandate employer approval for bank account additions, while others offer a more streamlined process. Here’s how you can add your bank account to your PF account online via the UAN member portal:

  • Log in to the UAN member portal using your credentials.
  • Navigate to the ‘Manage’ section and select ‘KYC’.
  • Input your preferred bank details, including the account number and IFSC code.
  • Verify the IFSC code and submit the OTP sent to your registered mobile number.
  • Await approval from your bank, with the added bank account reflected in your EPFO account within 2-3 business days.

Leveraging the Umang App for Bank Account Updates in EPFO

The Umang App presents a convenient avenue for EPFO members to manage their accounts seamlessly. Here’s a brief rundown on updating bank details through the Umang App:

  • Download and launch the Umang App on your mobile device.
  • Sign in using your Aadhaar number and password.
  • Select the ‘EPFO’ service type and input the requisite bank details.
  • Upon verification, receive confirmation of the successful addition of bank details within the app.

Updating and Changing Bank Details in EPFO: A Hassle-Free Endeavor

Whether you’re looking to update existing bank details or embark on a bank account transition within your EPFO account, the process is remarkably streamlined. Here’s how you can effortlessly update or change your bank details:

  • Visit the official EPFO website and access the UAN Member e-Seva section.
  • Log in using your UAN and password.
  • Navigate to the ‘Manage’ tab and select ‘KYC’ from the dropdown menu.
  • Update the necessary bank details and verify the IFSC code.
  • Confirm the accuracy of the information and submit the OTP received on your registered mobile number.

Frequently Asked Questions

In the realm of EPFO bank account management, certain queries frequently arise. Let’s address these inquiries succinctly:

  • Why is it crucial to keep EPFO bank account details updated? Maintaining updated bank account details facilitates seamless fund withdrawals from your PF account.
  • Can I update bank details in EPF online? Yes, EPFO offers online platforms for members to update their bank account details effortlessly.
  • How long does it take to verify a bank account with EPFO? Typically, bank account verification with EPFO takes around three to five business days.
  • How can I change my PF account from one bank to another? EPFO facilitates the transfer of PF accounts between banks through its online services, requiring the submission of Form 13 and employer authorization.
  • Can I change the bank account for PF without an employer? Yes, EPFO members can update their bank account details without employer intervention through the member portal.

In Conclusion

Mastering the intricacies of EPFO bank account management empowers individuals with greater control over their financial futures. By adhering to the outlined procedures and leveraging digital platforms, EPFO members can navigate through bank account additions, updates, and changes with ease. As you embark on this journey towards financial security, remember that EPFO remains steadfast in its commitment to facilitating a seamless and transparent experience for all its members.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.