KYC stands for Know Your Customer and under this, the customers have to provide Identity and Address proof to the service providers. It is not just restricted to the financial industry but this has been also made applicable for the Telecom Industry and other subscribers. EPFO is also a service provider and it also seeks details of KYC so as to offer services to you.
There are several reasons why your UAN must be KYC compliant. The main reason for this is that if your account is not updated with KYC Details then you will not be allowed to withdraw any EPF or you will also not be allowed to transfer any EPF Funds.
Earlier it was not possible to link the KYC with the Bank account through digital systems. You had to visit the EPFO in your area to update the KYC but this all changed with EPF Portal. The members can now manage their KYC with help of the online portal and there is nothing much required. Linking the Aadhaar card or PAN Card is as easy as just entering the details on the system.
The process is surely quick and it saves a lot of your time. You do not have to run from pillar to post to get the KYC Approved, all this works automatically and hence that has also reduced the SLA for various services. Manual verification of the services took a lot of time but the digital process has surely reduced the lead times drastically.
Here, we are going to talk about the process to update the KYC for your UAN Number. Along with that, we will also talk about the documents that you need to link with UAN so as to be KYC Compliant.
What are the Documents that can be used for KYC Purpose?
There are different types of documents that can be used for KYC Purpose and some of the documents that you may use are
- Bank Account Details
- PAN Card
- Aadhaar Card
- Driving License
- Election Card
- Ration Card
- National Population Register
These are the documents that can be used for KYC purpose but one thing that you must note is that it is important to link the Bank Account, PAN Card and Aadhaar Card with EPF Account. These three are mandatory documents.
Why is Bank Account Required for KYC?
The bank is not required for KYC but it is required because EPFO transfers all the funds electronically. The fund is not given to you by cheque or any other means. Earlier, you had to provide a cancelled cheque to withdraw funds as the cancelled check had the details of the account name, the name of the account holder and the IFSC Code but now, you can enter the details digitally. This can now help you in reducing the work that needs to be done to claim your EPF money.
What are the Pre-Requisites to Update KYC for UAN?
There aren’t many pre-requisites and you can refer to the points below to understand what you would need.
- You must be aware of your UAN Number and the UAN Number should be active.
- You must have the password to login to the Unified Portal. If you do not remember your password then reset the password to proceed.
- You must also have the documents handy with you which you want to link. You would not need the digital copies of the document. Just the physical copy to enter the details on the system.
How to do UAN KYC Update?
We are only going to talk about the online process for UAN KYC Update here as most of the people prefer online process only. Follow the steps listed below to update the KYC with UAN
=> EPFO Portal – The online process has been made available through the EPF You can visit the portal to start the process and the link to the portal is https://epfindia.gov.in/site_en/index.php
=> EPF Members Unified Portal– From the EPF India Portal, you need to navigate your way to the Unified Member’s Portal. To do so, click on Our Services and select For Employee. This will take you to a new page and on this new page, select Member UAN/Online Services from the options listed at the bottom of the page.
=> Login to Portal – If you are not able to follow the step listed above, then you can directly visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and on this portal, you can go ahead and login with your UAN and the password. You will now be able to view the dashboard of your account.
=> KYC Page – Once you have logged in, you need to navigate your way to the KYC Page. To do so, click on Manage Button from top of the page and then click on KYC. This will take you to the KYC Page for your account. The process of linking the documents start from here.
Linking Bank Account, PAN and Aadhaar – To link these three document, you can start by selecting the check box corresponding to these document types. Now, enter the document number and name corresponding to the document type. For example, you would need to enter the PAN Number and Name on your PAN Card corresponding to the PAN Card. Similarly, enter rest of the details.
To link the bank account, you need to enter the Account number, the name of passbook and the IFSC Code. Do not enter your customer ID in the Document Number.
- Saving the Details – After entering the details, all you need to do is that you need to click on the Save Button. The Account will now store the details of KYC and it will be sent to your Employer for verification. Once it has been verified by the employer, it will be forwarded for Online Verification. Here, the documents are forwarded for verification with the relevant Like, Aadhaar is validated by UIDAI.
With this, the process concludes. You might feel that the process will take a lot of time but honestly, it took less than 2 minutes to link the KYC to our account.