Hello, in this post we will discuss how to update EPFO KYC for both employers and employees.
We will cover the following:
What is KYC?
One of the significant menaces in our country’s economy is Money laundering. Even though the financial institutions and the government are on alert, illegal activities still happen. So to prevent such activities, the government had made KYC mandatory for banking or investment transactions.
Know Your Customer or KYC is a one-time process that will help banks and financial institutions to verify the identity of their customers. The customers’ identity, appropriateness, and any involvement in unlawful purposes or practices are verified.
The registration agencies need to submit a list of documents like PAN, Aadhaar, etc. to complete the KYC process for mutual fund investors. To complete this process you need KYC forms and proofs of identity as well as address.
KYC updation for employers
Step-1: Firstly, go to the EPFO website and enter your login credentials Username, and Password in the employer’s sign in and click on Sign in.
Step-2: You will be directed to the EPFO dashboard. Here go to Member Section and from the drop-down click on KYC – Bulk.
Step-3: Now upload the KYC file and click on Submit.
By these simple steps, the employer can update the KYC details.
KYC updation for employees
KYC updation is very easy and can be done in just a few steps. The documents you need to update KYC are:
- Driving license
- Ration card
- Election card/ Voter’s ID
- National Population Register (NPR)
- Bank details
Step-1: Go to the EPFO Member Portal. Login to your EPF account using your UAN and Password and enter the Captcha.
Step-2: Here, under the “Manage option“, click on KYC from the drop-down.
Step-3: Updating the KYC details form will be then displayed on the screen. Here, you can fill in the details of the documents mentioned.
Tick the checkbox in front of the document that you want to update. Enter the document number, your name as per the document and also the additional details such as IFSC in case of bank details and expiry date in case of passport and driving license.
Once you click on Save, your data will be saved under the “Pending KYC” section.
Step-4: The details are then verified by the EPFO from the data of the concerned department.
Once the details matches, Verified is marked for the respective document.
How long does it take to approve the KYC document?
Usually, it takes 3 to 5 working days to review and approve the documents.
To view the KYC document status, do I need to visit the UAN portal on a regular basis?
No need to visit the UAN portal regularly, once your document will be reviewed and approved then, you will be notified by SMS.
What documents do I need to upload for KYC?
For KYC, you need to upload the required documents such as registration number, PAN details, Aadhar number, bank details, Driving license (DL) and Passport.
Benefits of updating KYC on EPFO portal
There are following benefits of updating KYC –
- Easily process the account and transfer account
- Make it easy to claim withdrawal
- Less TDS deduction charges
- Saves time
This ends the post on EPFO KYC updation for both employers and employees.
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- Update KYC To EPFO Portal From Saral PayPack
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