PF Account Ifsc code rules you have to change bank details in pf account if you have bank account in these banks
PF IFSC Code Rules: If you have an account in those banks which have been merged with other banks, then you are required to change those accounts in your PF account as well. Also Read: RBI new rule to Memorise 16 Digit Debit card, Credit Card Numbers Expiry date and CVV for data protection
PF account is a good way of investment and savings for the employed people. In PF, money is deducted from your salary and deposited by the government from time to time. Also, when needed, you can also withdraw money from it. But, if you want that you get the money at the time of need, then it is necessary to keep the information related to your account updated.
In fact, recently many banks have been merged with other banks, due to which the bank details of the account holders like account number and IFSC code have changed. Now these account holders will have to submit their bank details at all the places where their account is seeded and this includes PF. In such a situation, if you also have an account in those banks, the banks of which have been merged, then you will also have to deposit your bank details in the PF account. Do you know how you can change bank details in PF account and why it is necessary?
What’s the change?
Actually, there has been a change in the IFSC code and account number of those people who have an account in the merged bank. In such a situation, it is necessary for those people to update the new information of these accounts in their PF account. If they do not do this, then they may face problems while withdrawing PF money. In such a situation, at the same time sitting at your home, make changes in your bank details through online medium.
•Login to your EPF account at the unified member portal
•Enter your bank account number and IFSC code.
•The details have to be approved by your employer.
•Once approved the bank account gets seeded.— EPFO (@socialepfo) August 19, 2021
Which banks’ customers will have to take care
These banks include Dena Bank, Vijaya Bank, Oriental Bank of Commerce, United Bank of India (UBI), Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank. In this, the merger of Dena Bank and Vijaya Bank, Bank of Baroda, Oriental Bank of Commerce and United Bank of India has been merged with Punjab National Bank. Apart from this, Andhra Bank and Corporation Bank have been merged with Union Bank of India. On the other hand, Allahabad Bank has merged with Indian Bank. Syndicate Bank has also merged with Canara Bank.
What will need to be done?
Now these account holders will also have to update the bank details in the PF account according to the new bank. In this, you will also have to change the IFSC code in PF according to the new bank. You can take the IFSC code of the new bank from the bank or the official website and update it in the PF account. In such a situation, you first go to the official website and after that change the bank account number and IFSC code. After this it will have to be approved by the employer and then the bank will approve it and then the new details will be updated.
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