If you want to add new bank account details to your EPF account, knowing the correct procedure is important. The Employees Provident Fund Organization (EPFO) allows subscribers to withdraw funds from their EPF account, but to do so smoothly, members need to ensure that their bank account records are up-to-date.
When people have closed their old bank accounts without updating their new account details in their EPF account, credit transactions may fail due to incorrect bank details. To avoid such issues, subscribers can update their bank account details through the EPFO portal by following these steps:
- Visit the Unified Member Portal and log in with your username and password.
- Click on the ‘Manage’ tab.
- Select ‘KYC’ from the drop-down menu.
- Select your bank and enter your bank account number, name, and IFSC code. Then click ‘Save’.
- Once your employer approves, your updated bank details will appear in the Approved KYC section.
The Employees Provident Fund (EPF) is a retirement savings scheme regulated by the EPFO in India. It offers substantial tax benefits to subscribers. By contributing to their EPF account, employees can receive a deduction of up to Rs. 1.5 lakh per annum under Section 80C.
