New Delhi: The Central Board of Trustees, EPF, last month recommended 8.50% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2020-21.
Since FY 2014 EPFO has consistently generated returns not less than 8.50 percent. A high EPF interest rate along with compounding, makes a significant difference to gains of subscribers.
The EPFO Online member portal allows a host of services to its members to access, that range from checking their passbook, tracking their EPF fund, transfer their claim online and a lot more. One such facility that EPF members can avail of is updating their bank details via the UAN portal.
Here is a few simple and easy steps on how to change your EPF Bank details online.
- Log on to official EPFO portal.
- Use your UAN log in id and password.
- Go to the menu section.
- Now click “MANAGE” button.
- From the drop-down, click “KYC”.
- You will be taken to another landing page.
- Now select “BANK” option.
- You can see these options: Document Number (Bank Account Number)
- Name as per Document (Name On Bank Account)
- IFSC Code
- Fill the required details.
- Press the save button.
Once you have made the changes, your online service will show KYC Pending For Approval. This means that you will have to submit the proof of your updated bank details to your employer. Once your employer approves your KYC update request, your new bank account will be added/replaced. A message regarding this will also be conveyed through your registered mobile number.