From bank account to provident fund account, No Your Customer (KYC) is very important. Those whose KYC is not completed, they do not get the benefit of online service of EPFO.
The Employees Provident Fund Organization (EPFO) has not paid interest to about 40 lakh people registered. EPFO has told the mismatched KYC the reason behind this. The government has already announced the fixed interest for 2019-20 about a month and a half ago. Because of this, EPFO is again in the headlines. However, EPFO is also in the discussion for delay in interest payment before this. Why it is important to have KYC in EPFO and what benefits you get from it. Let’s know.
From bank account to provident fund account, No Your Customer (KYC) is very important. Those whose KYC is not completed, they do not get the benefit of online service of EPFO. Money cannot be withdrawn from PF accounts without KYC. If there is no KYC, EPFO members will not be able to take advantage of many online services of the e-Seva portal. These include services such as filing withdrawal claims, account transfer, nomination.
Account whose document verification process is completed, they never face any problem in money transfer or withdrawal. If the bank account information is not updated in your PF account, then the claim can also be rejected. If you have not submitted KYC documents, then you will not receive any SMS alert to the EPF member.
How to get KYC done at home
You do not need to go anywhere to have a KYC in your UAN number. You can get your KYC done at home. Go to the UAN portal and click the option of KYC and in the open window in front, click on the section with PAN, Aadhaar, mobile number, bank account one by one. Fill your information and submit it. Now your PAN and Aadhaar will be added to it. But to verify, you will have to ask your employer. You will be able to take advantage of the online facility as soon as the employer is verified.
EPFO for KYC allows uploading these documents on its portal.
Bank Account, PAN Card, Aadhar Card, Passport, Driving License – Election Card – Ration Card – National Population Register. If your KYC is complete, then EPFO will process your PF withdrawal process in just three days. After this, the money of PF will come directly into your bank account.
In the year 2014, EPFO had issued a 12-digit UAN number for the shareholders for the purpose of speeding up and providing better facilities related to PF services. Now all accounts are linked to UAN. From this, information related to any provident fund can be obtained in the future. Also, the entire service history is added to it.