Step by Step Guide on How to update IFSC code in EPFO
09 January, 2024
The Employees' Provident Fund Organisation (EPFO) is a statutory entity in India entrusted with the management of the nation's Employee Provident Fund (EPF), pension, and insurance schemes. EPFO plays a vital role in safeguarding the financial interests of employees and workers employed in diverse organisations. Both employers and employees make contributions from their earnings to the EPF, which acts as a retirement savings fund. The EPFO is responsible for the efficient administration, collection, and distribution of these funds.
The Indian Financial System Code (IFSC) consists of 11 characters, including alphabets and digits. This code, generated by following the Reserve Bank of India (RBI) regulations, serves as a distinctive identifier to distinguish banks and their respective branches within the territorial confines of India. Each branch of a bank in India is assigned an exclusive IFSC, which plays a crucial role in various payment systems.
The link between the IFSC code and EPFO
The connection between the IFSC code and EPFO comes into light when you are asked to modify your bank account information in the EPFO records. The primary objective of this alteration is to guarantee the smooth processing and crediting of various financial transactions, such as EPF withdrawals, and pension disbursements, into the employee's bank account. To accomplish this, the EPFO mandates the provision of precise and updated bank account details. These details may include the employee's bank account number along with the corresponding IFSC Code.
How to change the IFSC code in EPFO?
Understanding how to edit IFSC code in EPFO is of utmost importance. An incorrect IFSC code can result in delays in the crediting of your PF amount. All members of the Employee Provident Fund must ensure that their essential banking details are updated. In certain instances, an erroneous code may even lead to the non-crediting of the PF amount.
Below are the steps on how to update the IFSC code in EPFO:
- To update your IFSC code and other personal details, you must visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and log in using your Universal Account Number (UAN) and password.
Once logged in, go to the ‘Manage’ tab and select the ‘KYC’ option.
Choose your bank from the list provided.
Enter your personal information exactly as it appears in your bank records, including your name, IFSC code, and the correct bank account number.
Click on the ‘Save’ button to submit the information.
All the data you've provided will be visible in the ‘KYC Pending for Approval’ tab. The documents will be reviewed and verified.
Once, the updated bank details have been successfully updated, you will receive a confirmation message from EPFO on your registered mobile number.
IFSC finder tool for HDFC Bank customers
As an HDFC Bank customer, you can check your IFSC on the chequebook, account statement or passbook. Alternatively, you can instantly check your HDFC Bank branch IFSC here. All you have to do is select your state and city, and the portal will display IFSC for all branches in your city.
To ensure seamless and digital transfer of funds, open a Savings Account with HDFC Bank now!
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.