New Delhi: There are fixed rules for withdrawing money from the PF account of members of Employees Provident Fund Organization (EPFO). Under these rules, members can withdraw money online.
Often members want to transfer money to a bank that is not connected to EPFO. They can do so by updating the new bank account in EPFO. A new account can easily be updated online. Let us tell you the process.
Here is how you can update your new bank account in EPFO
- Firstly go to the EPFO member portal unified portal-mem.epfindia.gov.in/memberinterface/
- Enter your login ID and password on its home page.
- Then click on the ‘Manage’ option, and then choose the ‘KYC’ option in the drop-down menu.
- Select the ‘Documents’ option after this and give information about ‘Bank’.
- Then enter your bank account number and its IFSC code.
- Then click on the ‘Save’ option below.
- After you save the details of the new bank account, it will show ‘Pending KYC for approval’
- Then give your company’s document proof. Once the company verifies your document then it will be change from ‘Pending KYC for approval’ to ‘Digitally Approved KYC’. You will also get a text message from EPFO regarding this.
Time taken to withdraw money from PF
Investing in PF is a good source of savings. But in case you require money you can withdraw it. Usually the withdrawal process is completed within 20 days. However, owing to corona some changes have been made in the rules and when money is withdrawn based on conditions of corona, it is available in 3 to 7 days.
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