People’s Provident Fund ie PF money is very useful in meeting the need of money at the time of need. People were facilitated by the government giving the facility of easy withdrawal of PF amount during the Corona period, but to withdraw money, your bank account should be linked to the EPF account. Also, KYC should be updated in it. But people whose bank accounts are not updated after the merger may face problem in withdrawing PF.
Old IFSC code will not work
After the merger of some public sector banks, their IFSC codes have become useless from April 1, 2021. In such a situation, the Employees’ Provident Fund Organization (EPFO) has asked the PF account holders to update the bank details. Because there can be problem in withdrawing money from old account information. Therefore, to solve the problem, update your bank account details. This work can be done both online and offline.
How to update an account?
If your account was in such banks which have been merged then you will have to hand over your old passbook and check book to the bank to get the new IFSC code. In return, they will give you a passbook and checkbook containing your updated details. After this you can update your new bank details in PF account by logging on to the official portal of EPFO.
The codes of these banks became useless
According to the alert issued by EPFO, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, Allahabad Bank, United Bank of India (United Bank of India) The IFSC Code of Corporation Bank has become invalid. Therefore, PF claim cannot be taken without updating them.
Facility to withdraw up to 75%
The Employees’ Provident Fund Organization (EPFO) has given relief in EPF withdrawal with the aim of reducing the financial problems of the subscribers during the Corona period. Now EPFO members can also easily withdraw the second installment of PF amount. Under the new rule, now an EPF account holder who has withdrawn money from his PF account in the first wave of Corona can also withdraw money in the second wave of the epidemic. Employees can withdraw 75% of the EPF balance or both the basic amount and Dearness Allowance (DA) for 3 months.
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