Now, update KYC details for your EPF account online – detailed guide to new provident fund process | Business

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Updating EPF account KYC online: The Employees’ Provident Fund Organisation (EPFO) has launched an online characteristic on its Member e-Sewa portal, permitting EPF members to full their KYC (Know Your Customer) process and proper details of their provident fund accounts. This new facility, named “joint declaration,” simplifies the process for EPF members, eliminating the necessity for offline submissions.
The new facility is totally different from the joint declaration kind required by EPF members beneath Para 26(6) of the EPF scheme.This kind is necessary for these wishing to contribute extra to their EPF account when their primary wage exceeds the statutory restrict (at present Rs 15,000 monthly).
The new facility, often known as joint declaration, permits members to update their KYC details online as a substitute of by offline strategies. This is as a result of it permits members to evaluation and modify their private data on the EPFO portal. By doing so, they will forestall the provident fund authority from rejecting withdrawal requests. Recent reviews revealed that EPFO was rejecting withdrawals due to discrepancies in PAN, Aadhaar, and EPFO information. With this new characteristic, EPF account holders can rectify these errors from the consolation of their houses.
Puneet Gupta, Partner-People Advisory Services, EY India, informed ET that the EPFO launched a normal process for processing joint declarations by a round dated August 23, 2023. This joint declaration, authenticated by the employer, permits staff to update their primary profile details. The EPFO not too long ago launched this characteristic on its Member e-Sewa Portal, enabling EPF members to simply right their account details online. Previously, solely restricted corrections have been attainable online, whereas others required bodily types attested by the employer and submitted offline to the EPFO.
It’s vital to spotlight that almost all rejected EPF claims stem from discrepancies in official paperwork like PAN, Aadhaar, and EPFO information. Therefore, it is vital to be certain that all EPFO information are up to date with correct details to facilitate profitable EPF claims.
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Here’s how EPF members can update their KYC details online:

Pre-requisites
Before starting the KYC update process, collect needed paperwork and keep in mind that sure details have restricted correction allowances. EPFO permits updates for 11 private details and 6 service-associated details.

  • Personal details: Name, Date of Birth, Gender, Parental Information, Relationship Status, Marital Status, Nationality, Aadhaar Number.
  • Service details: Date of Joining and Leaving EPF, Reason for Leaving EPF, Date of Joining and Leaving Employee Pension Scheme (EPS), Reason for Leaving EPS.

EPFO has outlined a listing of acceptable paperwork that members should submit together with correction requests, relying on the corrections required. For identify corrections, Aadhaar is critical. For date of start corrections, members can submit a passport, start certificates issued by the Registrar of Births and Deaths, or different specified paperwork.

How to update KYC online

Step 1: Visit the Member e-Sewa portal, log in with UAN, password, and captcha. Verify utilizing the OTP despatched to your Aadhaar-linked cell quantity.
Step 2: Select “Manage” after which “Joint Declaration.” Choose the Member ID the place details require correction. For routine KYC updates with out adjustments, use the KYC choice beneath “Manage.”
Step 3: Review EPFO information and make needed edits within the offered editable field. Consent to Aadhaar verification and click on “Proceed.”
Step 4: Upload required paperwork corresponding to the adjustments made. Click “Submit” to full the process.
Successful submission
After efficiently submitting the joint declaration, it goes to the employer for approval. The employer verifies the data of their information and approves the request. Any discrepancies could lead to rejection by the employer.
Once authorized by the employer, the joint declaration is forwarded to the EPFO workplace. The adjustments will seem on the EPFO portal after the PF authority approves them. The KYC update process usually takes 20-25 days. If there is a delay, members ought to contact their employer to guarantee approval of the joint declaration KYC request.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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