PF means Provident Fund. Job seekers will hardly be unaware of this. PF account is opened by almost every company for its employees. This account is a good way to invest and save, which is beneficial for your future. If you want, you can also withdraw PF money if needed during the job, but the Employees’ Provident Fund Organization (EPFO) has made some rules regarding this. People must be aware of these rules. However, many times people want to transfer their PF money to a bank account which is not linked to EPFO. Actually, for this, the PF account holder has to update his new bank account in EPFO. Let us know what is its process?
You can easily update your new bank account in EPFO through online mode. For this, you have to first go to the EPFO portal, where you will have to login with your ID and password and follow some steps.
To add a new bank account in EPFO, visit unifiedportal-mem.epfindia.gov.in/memberinterface/ and enter login id and password. After that click on Manage option. Then select the KYC option in the drop-down.
After selecting KYC option select document and write about bank i.e. bank account number and its IFSC code and click on Save option below. After this your ‘Pending KYC’ will show.
Now you have to submit the documents of your employer as proof. Your pending KYC will be converted into a digitally approved KYC once your employer verifies the documents submitted. As soon as KYC is approved, you will get the information through message.
Now you can apply to withdraw money from your PF account. It may take around 20 days for your claim to be processed. However, due to the Corona epidemic, some changes have been made in the rules regarding this. If you withdraw money from your PF account based on the conditions related to Corona, then it may take up to a week for this money to be credited to your account.