How To Update KYC For Your Employees’ Provident Fund?
Know-your-customer (KYC) details are vital for receiving updates from the Employees’ Provident Fund Organisation (EPFO) and availing of EPF benefits.
Know-your-customer (KYC) details are vital for receiving updates from the Employees’ Provident Fund Organisation (EPFO) and availing of EPF benefits.
EPF The Right Retirement Vehicle
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Know-your-customer (KYC) is a one-time process to verify the subscriber’s details of the employees’ provident fund (EPF). KYC updation is essential to receive updates from the Employees’ Provident Fund Organisation (EPFO) and avail of EPF benefits and services.
KYC updation can help prevent digital fraud, and it is hence critical to keep your KYC updated on important platforms like banks, EPFO, the National Pension System (NPS), etc.
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In 2014, EPFO introduced a 12-digit Universal Account Number or UAN, which is a unique number for every job holder for ease and preventing data misuse. All EPF-related details are linked to UAN, for instance, the current and the previous employer’s details, tax deduction and collection account number (TAN), etc. The UAN number remains the same for life.
So, to update KYC for your EPF, you can update UAN with the necessary documents. Here’s how to do it.
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How To Update KYC In UAN?
Step 1: Visit the EPFO website and log into the unified member portal.
Step 2: Go to the ‘Manage’ option, click on KYC, and select details, such as PAN, Aadhaar, etc.
Step 3: Fill in the details and click on ‘Save’.
Step 4: It will show ‘KYC pending for approval’.
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Step 5: The employer will approve the details next, followed by the Unique Identification Authority of India (UIDAI).
Step 6: Once the employer verifies it, it will be considered ‘Approved by the employer’.
Step 7: After that, UIDAI will verify the KYC, and then the screen will show ‘Verified by UIDAI’ against Aadhaar details.
Step 8: In case of a change in bank account, update the new bank account details. After that, the employer will approve, and UIDAI will update the same on its records.
For KYC updation, you will require documents like an Aadhaar number, permanent account number (PAN), bank account details, passport, etc.
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Individuals aged 60 and older and eligible retirees above 55 but less than 60 can open the Senior Citizen Savings Scheme (SCSS) account.
While the deadline to apply for higher pensions for the employee provident fund members is today, June 26, 2023, the EPFO has also issued a new set of frequently asked questions (FAQs).
Bihar exceeded the FY2023-24 APY enrolment target by 177 per cent, Assam by 159 per cent, and Jharkhand by 158 per cent, according to PFRDA.
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