There are times when you may need to link multiple bank accounts to your PF account. The Employees’ Provident Fund (EPF) is more than just a savings plan—it serves as a crucial financial safety net for individuals. Typically, 12% of an employee’s salary is deducted and deposited into their EPF account, with an equal contribution made by the employer. The EPF is regulated by the Employees’ Provident Fund Organization (EPFO). But is it possible to link more than one bank account to a PF account? Let’s find out.
In some cases, the bank account linked to the PF account may become inactive or get canceled. In such situations, a new bank account needs to be linked to the PF account. While multiple bank accounts can be added, only one can be used for transactions at a time. Here are the rules for adding multiple bank accounts.
What Is EPFO 3.0?
EPFO 3.0 represents a major technological upgrade to the traditional EPFO system. Currently, withdrawing PF funds is a cumbersome process involving extensive paperwork and employer approvals. With EPFO 3.0, employees will no longer need to navigate lengthy documentation or visit EPF offices. Instead, they will be able to withdraw their PF money instantly through ATMs, just like a regular bank withdrawal.
UAN
The UAN is a 12-digit number that enables the management of your provident fund accounts. To avail of the benefits of the Employment Linked Incentive (ELI) Scheme under the auspices of EPFO, UAN activation and linking a bank account with an Aadhaar are mandatory in nature. All EPF accounts must be linked to a single UAN.
The bank account being linked must always remain active, and the KYC process must be completed before adding it to the PF account.
Steps to add a bank account to the PF account
- Visit the EPFO’s unified portal
- Login by entering your UAN and password
- You will see the option “Manage” and click on it
- Select KYC
- Select the option Bank and enter the bank details including account number, name and IFC code
- Click on Submit
How To Manage EPFO Through UAN
Mansukh Mandaviya explained that EPFO 3.0 will make the system similar to a bank. The system allows subscribers to manage their accounts easily using their Universal Account Number (UAN). However, details regarding withdrawal limits from ATMs will be announced later.
