How To Change Bank Account In EPFO – Step‑by‑Step Guide

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EPFO is the Employees' Provident Fund Organisation, which is specially designed for individuals working in India. It is completely functioning under the Government of India and has 36.21 crore active members, 10.52 crore claims processed, and 8.30 crore claims settled.

Here are the core features of the EPFO: 

Hence, this is how EPFO provides the Indian workforce with efficient facilities. 

What are the functions of EPFO?

There are multiple functions of the EPFO for the people who are legally working in India. 

Here are the functions of the EPFO: 

1. EPFO helps eligible members get a regular pension after retirement, ensuring financial independence. 
2. It provides financial security coverage to people who want to safeguard their financial dependencies. 
3. It majorly focuses on financial inclusion within the country.
4. It provides the people with digital access and transparency through its online services.
5. It administers a provident fund, ensuring that financial management is maintained by the employer and employees. 

Hence, these are the major functions of the EPFO provided to the workforce in India. 

How to change bank account in EPFO? 

The EPFO provides a diverse approach to the people of India. Many times it happens that one needs to get their bank account updated or changed. EPFO provides a proper process to change the bank account. 

Here is the process to change the bank account in EPFO: 

1. Visit the official page of the EPFO.
2. Select the ‘Employee Login’ option available. A new page will open.
3. Enter your UAN number and password. 
4. Click on Sign in.
5. An OTP will be sent to your registered mobile number. 
6. Enter the OTP and click on Submit. 
7. Your official account page will be displayed on the screen.
8.  Search for the ‘Manage’ option and click on it.
9. Select the KYC option from the menu. 
10. A page will open showing you the options like bank, PAN, and password. 
11. Click on the ‘Bank’ option.
12. A page will open asking you for the bank details
13. Enter the bank account number you want to link.
14. Re-enter the bank account number for confirmation.
15. Enter the bank’s IFSC number. 
16. Click on 'Verify IFSC' after entering the details. 
17. Click on the checkbox given below and click on Save. 
18. An OTP will be sent to your registered mobile number.
19. Enter the OTP for verification.
20. Your new bank account will be linked. 

Hence, this is how you can change your bank account in EPFO hassle-free without the help of a third person. 

Bottom line: 

EPFO provides social-security benefits to eligible employees and establishments covered under the EPF & MP Act and its applicable schemes. It safeguards the financial aspects of the people who are employees and retired with proper security. It provides a diverse approach to people through a digital platform related to account and financial management, changing bank accounts, and tracking salary or monetary movements. People often get confused by process-related things; this is why LoansJagat brings them well-researched blogs and articles to avoid the confusion. 

FAQs: 

What is the full form of EPFO? 

Employees' Provident Fund Organisation is the full form of EPFO. 

Can one manage the provident fund account through the EPFO online website? 

Yes, one can easily manage the provident fund account through the EPFO online website.

What are the major functions of the EPFO? 

The major functions of the EPFO are that it provides financial security to the workforce in India, as well as to retired employees. It also provides financial security coverage to the people; it manages the PF account, ensuring financial management, etc. 

Does EPFO function under the government of India? 

Yes, EPFO functions under the Government of India. 

What are the three core features of the EPFO? 

Inclusive governance, transparency, and citizen-centric service are the three core features of the EPFO. 

Can I change my bank account through the EPFO website? 

Yes, you can change your bank account through the EPFO website easily. 

Is changing the bank account in EPFO via its website an instant process? 

The process is not instant; the final approval takes some time to change your bank account in EPFO. 

Does EPFO care for retired people? 

Yes, EPFO does care for retired people in terms of timely pension provision and financial security.

When was EPFO established? 

The Employees' Provident Fund began with an ordinance in 1951, which was later replaced by the Employees' Provident Funds Act in 1952. 

Who is Shri Ramesh Krishnamurthi? 

Shri Ramesh Krishnamurthi is the CPFC of EPFO.