EPF is a retirement's fund but times are such you never can say when you have to take their shelter. And if you want the claim process to be smooth, after you satisfy all the eligibility criteria for such early withdrawal, you need to also consider the fact that a slight carelessness at your end can land you in a big trouble as that of a KYC mismatch
Also, herein considering the trouble at first which required both the employers and employees to play a part in correction of EPF subscriber's KYC details, now only you as an EPF accountholder can initiate the process of KYC updation or correction.
The process is online and reduces a lot of paper-work and time. In it once the employee places the request for correction or updation of KYC details, the system tallies it with the UIDAI details. Herein as and when the system verifies the process, the request is send over to the employee's login. Later on, EPFO's field officer will verify:
For KYC changes or updation in EPF A/c, here are given the steps:
1. Login to your EPFO account and enter UAN and password.
2. On the home page, select "Manage> Modify Basic Details", click on the KYC option from the drop down list.
3. The KYC details updating form will open. You can fill a number of your details such as PAN, Aadhaar, passport, driving license, ration card, election card, National Population Register (NPR) and bank details.
Here in ensure that you enter the details registered with your aadhaar card, so that the details can be verified with the data on Aadhaar.
4. In the next step, you need to click on 'Update details' and now the information will be sent on to employer for further approval. But if you do not wish updation on any particular field you can mark cross
Now the details will be verified by your employer as though:
1. By logging at EPFO, click on Members details change request
2. The employer at this stage will verify the details and then on give approval.
3. And herein once the details are approved by the employer, you can check on the status
4. Once the employer initiates the changes, the EPFO will be send the request to make the updates in their database by the employer.
5. Then field officer will come into picture and verify the details
6. And at the final stage, approval will be given by the Regional PF Commissioner to make the necessary changes.
Also there are other advantages of KYC updation or correction with the EPFO other than smooth claim settlement and some of these are ease in EPF account operability as well as low TDS in case of withdrawals.
Also, after the account is activated, you will be receiving an SMS on a per month basis concerning your monthly PF.
In respect of the TDS, withdrawal before 5 years of continuing services attracts TDS @ 10% which in case PAN is not updated in the system increases to 34.608%.
Notably, the government has also come forward and have been supportive of faster processing of EPF and is coming out with easier and friendly ways.