Having an updated bank account with valid bank details is important for COVID-advance claims or regular claims from an Employees' Provident Fund (EPF) account. Employees' Provident Fund Organisation (EPFO) may block the release of your claim amount if you have an invalid or incorrect bank account registered with them. EPFO stated on November 5th, 2021, that it has settled a total of 1.65 crore claims, disbursing Rs. 56,834 crores to PF members between April 1, 2021 and September 30, 2021.
EPFO has also settled 52.17 lakh COVID-19 advance claims, disbursing Rs. 11,182 crores to PF members between April 1, 2021 and September 30, 2021. These claims can only be possible if you have a correct bank account registered with the organisation. Hence. If you want to update your bank account details in an EPF account, follow the 4 steps listed below according to EPFO.
Steps to update bank details in PF account online
- Visit 'Unified Member Portal' and log in to your account using the required credentials such as UAN and Password.
- Now head to the 'Manage' section and click on 'KYC' from the drop-down menu.
- Now click on 'Documents' and enter your correct bank account number and IFSC, click on 'Save'.
- Once you save the details, your request will be displayed as 'KYC pending for approval'.
Note that members can request redress for any type of grievance relating to EPFO services by visiting the grievance portal at https://epfigms.gov.in.