In light of recent developments affecting Paytm Payments Bank, including the suspension of certain services by EPFO, individuals are urged to update their bank account information promptly to avoid disruptions in fund transactions.
If your EPF account is currently linked to Paytm Payments Bank and you wish to switch to another bank account, here’s a step-by-step guide to facilitate the process:
1. Log in to EPFO Member Portal
Visit the EPFO member portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
2. Access Your Account
Enter your login ID and password on the homepage to access your account.
3. Navigate to the Management Section
Once logged in, locate and click on the “Manage” option.
4. Select KYC
From the dropdown menu, select the “KYC” option.
5. Choose Bank as Document Type
Under the KYC section, select “Bank” as the document type.
6. Enter New Bank Account Details
Enter the new bank account number and its corresponding IFSC code accurately.
7. Save Your Changes
After entering the new bank account details, click on the “Save” option provided below.
8. Await Pending Approval
Your updated KYC details will show as pending approval. You’ll need to submit the required document proofs to your employer.
9. Employer Verification
Your employer will verify the submitted documents. Once verified, the pending KYC approval will be converted to “Digitally Approved KYC.”
10. Confirmation and Notification
Upon approval, you will receive a text message from EPFO confirming the digital approval of your KYC.
Why Change Your Bank Account?
Given recent developments concerning Paytm Payments Bank, including restrictions imposed by EPFO, it’s crucial to update your bank account details promptly.
If your EPF account was linked to Paytm Payments Bank, this step becomes even more critical.
Final Thoughts
By following these simple steps, you can swiftly update your bank account details linked to EPFO, ensuring seamless access to your provident fund when needed.
