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Anishka Bhadly
Anishka Bhadly, working at Loansjagat, is a content writer with a finance and business background. She has completed her bachelor's degree with a specialisation in finance and is currently pursuing an MBA in the finance field too. The knowledge she has gained from her studies and experience working with EdTech companies helped her combine theoretical knowledge with practical industry insight. Her expertise lies in creating well-researched, informative, and reader-friendly content in various banking, personal finance, loans, insurance, and investment-related topics.
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If you want to change the bank account linked with your provident fund account, then you can do so by raising a request on the EPFO member portal. You need to make sure that the bank account is in your name, as EPFO does all transactions electronically. Your new bank details need to be verified by the concerned bank/NPCI prior to their usage for EPFO transactions. The account number and other details must be checked twice to avoid any discrepancies
By changing the bank account in EPFO, you can update the data about where you want to receive payments. To do this, you must apply for new data and pass the verification procedure for bank details.
After submitting the new bank details, do check KYC status from the EPFO member portal. The bank account details shall be subjected to the bank/NPCI verification process. Hence, it is advised to check whether the bank account number, IFSC and other details are correctly entered or not.
Changing your bank account in EPFO is a relatively straightforward process, but it is important to make sure to enter the new details correctly, most importantly your account number and IFSC code. This is because EPFO uses registered banking details for eligible payments, and incorrect information may result in the delay of your money. Apart from making the changes online, it is essential to keep track of your request and periodically review your EPFO profile to make sure that your UAN, Aadhaar, bank account, and other KYC-related data are consistent. In short, make sure to update your details correctly and keep track of your request.
As per the new processes, the EPFO has modified the rules for bank account seeding wherein the approval of an employer is not required anymore. The new bank details have to be verified by the bank / NPCI.
*T&C Apply
Yes. The member may update the bank details in EPFO through the EPFO Member Portal by giving the relevant bank details such as account number, IFSC, etc., which then go for a verification process through the concerned bank/NPCI.
It is not possible to make a direct PF transfer from one bank account to another. You can update your bank account and use it to credit your EPF payments.
The processing period may differ based on the bank/NPCI verification. You can check the KYC status on the EPFO member portal for the same to ensure the new bank details have been updated or not.
It is possible to withdraw the entire amount in the EPF account if you meet the EPFO withdrawal criteria. In addition, the withdrawal amount also depends on whether you are submitting a claim.
Yes, you can withdraw the EPF amount if you are unemployed. The withdrawal is allowed on the applicable EPFO rules, and the percentage depends on the period of unemployment, eligibility, and claim type. You need to update your Aadhaar, UAN, bank account details, and other KYC information.
Yes, you may be eligible to make an EPF withdrawal after losing your job based on your situation.
You may be able to make a partial withdrawal for certain permissible reasons, subject to eligibility.
The amount in your EPF account can remain in your account subject to applicable EPFO regulations.
The documents needed may include your UAN, Aadhaar details, bank account details, and other KYC documents. The documents may vary depending upon the claim type.
