Many times it is seen that PF account holders want to transfer their amount to a bank which is not linked to EPFO. For this you have to add account link.
In order to withdraw money from the Provident Fund (PF) account, the Employees’ Provident Fund Organization (EPFO) has made some rules for the members. Any person can easily withdraw the amount deposited in his PF account through online medium. Also Read: ULIP investment return and risk in this investment know about myths related to this product
However, many times it is seen that PF account holders want to transfer their amount to a bank which is not linked to EPFO. In such a situation, they need to update the new bank account in EPFO. You can easily do this work online. Let us know what is its process. Also Read: SBI Bank Rules: Cash Deposit Machine Rules If account not credited then complaint with this process
To change his bank account linked to EPFO, any EPFO member will first have to visit its portal. You will need to use your ID and password to log in there. Thereafter, the EPF account holder will need to follow some simple steps, which will help him/her to convert his/her bank account linked to EPFO.
How to add your new bank account from EPFO
- Log on to EPFO Member Portal – unifiedportal-mem.epfindia.gov.in/memberinterface/
- Enter your Login ID and Password on the home page.
- Click on ‘Mange’ option.
- Select the ‘KYC’ option in the drop-down.
- Select ‘Documents’ and write about ‘Bank’.
- After this enter the bank account number and its IFSC code.
- Click on the ‘Save’ option at the bottom.
- After saving the new bank details, ‘Pending KYC for approval’ will show.
Now submit the document proof of your employer. Once your employer will verify your submitted documents, then ‘Pending KYC for Approval’ will change to ‘Digital Approved KYC’. You will also receive a text SMS from EPFO for digital approval of your KYC after the employer approves the documents submitted.
In how many days money is withdrawn from PF
PF account is a good means of investment and savings for the employed people. However, you can also withdraw this money at some time if you need money during the job. If you are applying to withdraw money from PF account, then your claim will be processed in 20 days.
However, due to Kovid, changes were made in its rules. If you withdraw money from PF account on the basis of conditions related to corona virus, then money will come in your account in 7 days or even 3 days.
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