Marianne Martinez
The Indian government has made it mandatory to link your Permanent Account Number (PAN) to your Employee Provident Fund (EPF) account. This is because PAN is one of the essential financial documents that help track the tax compliance of individuals and businesses in India. Additionally, EPFO allows its members to withdraw from their EPF account balance, and to do so, they must link an active bank account to their PF accounts. This can be done by visiting the EPFO's online portal and entering the updated PAN and bank account details.
How to add PAN and bank account in EPFO
| Characteristics | Values |
|---|---|
| Why link PAN to EPF account? | Seamless transactions, compliance with tax regulations, reduced tax deductions on EPF withdrawals, easier EPF claims, tracking of tax compliance |
| Why link bank account to EPF account? | To prevent failed transactions, to withdraw money from EPF account |
| How to link PAN to EPF account? | Visit EPFO website, log in, select 'Manage' and 'KYC', enter PAN and personal details, verify, save |
| How to link bank account to EPF account? | Visit EPFO website, select 'Manage', 'KYC', select bank, enter bank details, verify, save |
| What is needed to link PAN and bank account to EPF account? | Universal Account Number (UAN), PAN, name, date of birth, mobile number, OTP |
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What You'll Learn
How to add a bank account to EPFO online
To add a bank account to your EPFO account online, you must first have an activated Universal Account Number (UAN). You can find your UAN number by using the 'Know Your UAN' option on the UAN Portal homepage. Once you have your UAN number, you can register to view your EPF accounts on the UAN portal.
To add a bank account to your EPFO Unified Portal, follow these steps:
- Visit the EPFO unified portal and click on the ‘Manage’ option in the top menu.
- From the drop-down menu, select the ‘KYC’ option.
- Select the bank you wish to add as the document type.
- Update with the required bank account name, number, and IFSC code.
- Once done, click on ‘Save’ to proceed.
Some banks require members to get approval from employers, while others do not. You can also add a different bank account for withdrawing your PF amount by visiting EPFO's online portal.
To link your PAN card to your EPF account, you can follow these steps:
- Visit the official EPFO website and click the EPFO login link to verify your UAN account number and password.
- On the main menu bar, click the “Manage” option and then click on the “KYC” sub-option.
- Scroll down to the “Document Type” available options and find the “PAN” option.
- Provide your PAN number and the figure as printed on the PAN card.
- Ensure that when entering your name, it matches the name mentioned on your PAN card.
- After all of the details have been entered and verified, click “Save”.
Alternatively, you can visit your nearest EPFO branch office to get an EPF-PAN linking form. Once you receive the form, fill in all the necessary details and submit it to the concerned official. Your application will be reviewed and approved, and your PAN will be linked to your EPF account.
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How to add a bank account to EPFO in-person
To add a bank account to the EPFO in-person, you need to follow a few steps. The Employees' Provident Fund Organisation (EPFO) allows its members to withdraw from their EPF account balance. However, most of the time, EPF members' bank accounts become inactive or closed without the members informing EPFO about the new bank account details. To prevent transaction failure, members of the EPFO can update their bank account details through the EPFO Portal.
Firstly, visit your nearest EPFO branch and approach the concerned official to get an EPF-PAN linking form. Once you receive the form, fill in all the necessary details, such as PAN, Universal Account Number (UAN), your name, and other details. Enclose a self-attested copy of your PAN card and UAN and submit it to the concerned official. After submitting the form, your application will be reviewed and approved, and your PAN will be linked to your EPF account.
You can also update your bank details online via the EPFO member portal. Log in to your account and modify your bank account information to ensure smooth transactions. It is essential to keep your bank details updated to avoid issues during withdrawals or fund transfers. To update your bank details, log in to the EPFO Unified Portal and go to "Manage" > "KYC". Select another bank you wish to add and update the required details, including your name, account number, and IFSC code. Once done, click on "Save" to proceed.
Please note that some bank accounts require members to get approval from their employers. After submitting KYC or bank detail updates, EPFO takes approximately 3 to 5 working days to review and approve the request. Once approved, you will receive an SMS notification on your registered mobile number.
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Steps to link PAN to EPFO online
Linking your Permanent Account Number (PAN) with your EPF account is essential for seamless transactions and compliance with tax regulations. It is also beneficial for your future-related claims. Here are the steps to link your PAN to your EPF account online:
Step 1: Visit the official EPFO website
Go to the EPFO website and click the login link to verify your Universal Account Number (UAN) account number and password. You can use the 'Know Your UAN' option on the UAN Portal homepage to find out your UAN number.
Step 2: Click on the 'Manage' option
On the main menu bar, click the “Manage” option and then click on the “KYC” sub-option.
Step 3: Select the 'PAN' option
Upon clicking the 'Manage' option, you will be taken to the ''KYC' page, where you will see the document type that needs to be updated. Scroll down to the 'Document Type' available options and find the ''PAN' option.
Step 4: Provide your PAN details
Enter your PAN number and make sure that your name matches the name mentioned on your PAN card. You may also be required to enter your date of birth and mobile number.
Step 5: Verify your details
After entering all the required information, verify your details and click “Save”.
Once your PAN has been linked to your EPF account, you will be able to see it on the EPFO portal's homepage under the 'Manage Profile' section. You will also receive a notification on your registered mobile number and email.
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Steps to link PAN to EPFO in-person
To link your PAN to your EPFO account in person, you can follow these steps:
Firstly, visit your nearest EPFO branch office and ask for the EPF-PAN linking form. You will need to fill in the form with your PAN, UAN, name, and other details. Ensure that all the information is correct and true.
Secondly, you will need to attach a self-attested copy of your PAN card and UAN, along with the completed form. Submit these documents to the relevant official at the EPFO branch. Your application will then be reviewed and approved.
Once your application is approved, your PAN will be linked to your EPF account. You will receive a notification on your registered mobile number and email address to confirm the successful linking of your PAN to your EPF account.
After this process, you will be able to see the linked PAN on the EPFO portal's homepage under the 'Manage Profile' section.
It is important to note that you can also link your PAN to your EPF account online. This process involves visiting the official EPFO website, logging in, and providing the necessary details, including your PAN number and name as printed on the PAN card.
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Benefits of linking PAN to EPFO
Linking your Permanent Account Number (PAN) with your EPF account is essential for seamless transactions and compliance with tax regulations. It is a vital financial document that keeps track of the taxes paid by the business entity in India. Here are some benefits of linking PAN to EPFO:
Compliance with Tax Regulations
Linking your PAN to your EPF account ensures compliance with income tax regulations. It helps streamline tax deductions and simplifies financial record-keeping. By linking your PAN, you can avoid tax-related complications and issues with financial record-keeping.
Reduced Tax Deductions
Linking your PAN with your EPF account reduces tax deductions on EPF withdrawals. Without linking your PAN, you may be charged a TDS on withdrawals above a certain threshold. Linking your PAN can help you save on taxes and maximize your EPF savings.
Access to Online Services
Linking your PAN with your EPF account is necessary to access EPFO's online services. Online EPF services, such as making EPF claims and transferring funds online, are only accessible when your PAN, Aadhar, and bank account numbers are linked. It allows you to manage your affairs and pay taxes more conveniently.
Confirmation of Identity
Linking your PAN to your EPF account serves as confirmation of your identity. EPFO asks its members to link their PAN to their EPF account to verify their identity and ensure that they are who they claim to be. It adds an extra layer of security to your EPF account.
Easy Retrieval of PF Account Number
By linking your PAN to your EPF account, you can easily retrieve your PF account number on the EPFO website. This feature is especially useful if you need to access your PF account information quickly and efficiently.
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Frequently asked questions
To add a bank account to your EPFO account, you need to log in to the EPFO member portal and enter your Universal Account Number (UAN) and password. Once logged in, go to the ''Manage' option and select 'KYC' from the drop-down menu. Select the bank you wish to add, and enter the necessary details, including your name, account number, and IFSC code.
You can add your PAN to your EPFO account by visiting the EPFO website and logging in to your account. Then, select the 'Manage' option from the main menu and click on 'KYC'. Scroll down to 'Document Type' and find the ''PAN' option. Enter your PAN number and the name as it appears on your PAN card. After verifying the details, click 'Save'.
Linking your PAN to your EPFO account is beneficial for several reasons. Firstly, it helps in making EPF claims and tracking tax compliance. Secondly, it reduces the rate of Tax Deducted at Source (TDS) on EPF withdrawals. Without a valid PAN, the TDS rate can be as high as 34.60%, whereas linking PAN reduces this rate to 10%.
Yes, you can add a different bank account for PF withdrawal by visiting the EPFO online portal and updating your bank account details. It is important to ensure that your bank account details are correct to prevent transaction failures.
