IFSC codes have changed due to the merger of banks. Therefore, this information will have to be updated in the PF account.
New Delhi. Many changes have taken place due to the merger of banks. The IFSC code of the banks which have been merged has now changed. In view of this, the Employees’ Provident Fund Organization (EPFO) has issued instructions to all the PF account holders to update their account.
Keeping in mind the future of the employees working in private and government
undertakings, EPFO deducts the Provident Fund. The employee can withdraw its money on emergent needs, unemployment or retirement. EPFO has done all these work online. But due to change of IFSC code of banks, online claims were not being submitted in EPFO. Hence, EPFO is now asking employees to update their accounts.
The account holders of these banks will have to update the account
According to the information released by EPFO, Andhra Bank (Andhra Bank), Syndicate Bank ( IFSC Code of Syndicate Bank, Oriental Bank of Commerce, Allahabad Bank, United Bank of India, Corporation Bank has become invalid . If the accounts of these banks are linked in the PF account, then the member cannot claim online. To claim online, he has to update the bank details in the PF account.
Follow this procedure to update bank account
First of all go to EPFO’s Unified Member Portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/. Log in here by entering your UAN and password. Now click on the ‘Manage’ tab. A drop down menu will appear in front of you. In this menu select KYC. Here you will see your bank account number. Click on it, fill the new IFSC and save. After this information is approved by the employer, your updated bank details will be visible in the approved KYC section.
Do This Process If Employers Don’t Approve
If your employer bank is not accepting the details updation request, then first of all you should talk to the HR department or administration of the company about this. If still it is taking more time to approve the details then contact the higher officials. If despite this no action is being taken by the company, then complain on EPF Grievance.
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