As we all know, it is important for everyone having an EPF (Employee Provident Fund) or Provident Fund (PF) account to update their KYC. If they fail to do so, they might face unsolvable problems while trying to withdraw their accumulated balance from their account.
Thus, you can do anything but avoid the task of updating your KYC details in your EPF account. If you understand the urgency, below is how you can update your KYC details in your Employee Provident Fund account.
What is EPF?
The Employees’ Provident Fund contribution Scheme or simply, Provident Fund (PF) is a savings scheme which covers almost every employment field in the country. It follows from the Employees’ Provident Fund Scheme Act, 1952.
EPF Account Holders Can Go for Partial Withdrawal in the following Situation.
- Education (Children or oneself) – Up to 50% from employee’s share after 7 years of employment.
- Wedding – Same as above.
- Land Purchase – Up to 24 times of basic salary + DA after 5 years of service.
- House Construction/Purchase – Up to 36 times of basic salary + DA after 5 years of employment.
- House Renovation – Up to 12 times of basic pay after 5 years of employment.
- Home Loan Repayment – Up to 90% from both employee and employer’s share after 10 years of service.
- Employees can also withdraw up to 90% of the total pool with interest after crossing 57 years
How to update KYC for EPF?
Follow these steps to know how to update KYC online for your Employees Provident Fund account:
Step 1: Sign-in to your EPF account.
Step 2: Click “KYC” under the “Manage” tab.
Step 3: Provide either of the following:
- Driving License
- Election card
- Ration card
- National Population Register
Step 4: Click ‘Save.’
Once you complete the 4 steps, you’ll be able to see KYC status whether it’s still pending or it has already been approved in the bottom.
Additional read: How To Update KYC Details In Your EPF Account Online?