If you work in the organized sector, you’re likely familiar with the deduction of a portion of your salary into your EPF (Employee Provident Fund) account each month. Both you and your employer contribute to this fund, accumulating interest at a rate of 8.25 percent per annum. The EPF serves as a crucial component of your retirement savings, offering the flexibility of partial withdrawals under certain conditions, even after leaving your job.
When you opt to withdraw funds from your EPF, they are directly transferred to the bank account linked to your EPF account. However, if this linked account has been closed, you’ll need to update it with a new one to facilitate withdrawals. If you find yourself in this situation, don’t fret. Below is a simple guide on how to link a new bank account to your EPF account:
- Login: Access the EPF portal using your Unique Account Number (UAN), password, and captcha code.
- Navigate to ‘Manage’ Tab: Once logged in, locate and click on the ‘Manage’ tab. This action will prompt a dropdown menu to appear.
- Select KYC Option: From the dropdown menu, select the option labeled KYC.
- Enter Bank Details: Choose your bank from the list provided and input the new bank account number, account holder’s name, and IFSC (Indian Financial System Code).
- Submit: After entering the required information, click on the submit button to initiate the process.
- Approval: Your request to link the new bank account will be forwarded to the HR department of your company for approval. Upon receiving approval, your bank account will be successfully linked to your EPF account, ensuring seamless transactions.
By following these steps, you can easily update your bank account information and continue managing your EPF funds efficiently.
