KYC, or Know Your Customer is essential for online platforms to ensure compliance with regulations, prevent fraud and financial crimes, protect the platform and its users, and enhance the customer experience.
KYC is essential for several reasons. Online platforms are subject to various regulations that require them to verify the identity of their customers. KYC helps the platform comply with these regulations and avoid penalties and legal issues. It helps prevent fraud and financial crimes such as money laundering and identity theft and prevents fake accounts and other forms of online abuse.
What is EPFO?
The EPFO stands for the Employees’ Provident Fund Organisation. The EPFO is a statutory body of the Indian government that manages the Employees’ Provident Fund (EPF) and provides social security benefits to employees. It is an online platform that allows employees to access and manage their provident fund accounts.
The EPFO portal provides various services related to the EPF, including:
- Account registration and activation: Employees can register and activate their EPF accounts on the portal.
- Account balance check: Employees can check their EPF account balance and view their contributions and interest earned.
- Claims submission: Employees can submit claims for withdrawals, transfers, and other services.
- KYC update: Employees can update their KYC (Know Your Customer) details, such as their bank account, Aadhaar, and PAN details.
- UAN (Universal Account Number) services: The portal also provides various services related to the UAN, such as UAN activation, UAN KYC update, and UAN member passbook download.
The EPFO portal is a convenient way for employees to access and manage their EPF accounts, and it has made the process of availing of EPF benefits much easier and streamlined.
What is UAN?
UAN stands for Universal Account Number. It is a unique identification number assigned to every member of the Employees’ Provident Fund Organisation (EPFO) in India. Before even using any EPFO services, you must go through the UAN activation process.
UAN activation refers to activating this number to access various services provided by the EPFO, such as checking the EPF balance, submitting claims for withdrawal or transfer, updating personal details, and more.
How to Perform UAN Activation?
UAN activation is a simple process that can be done online in simple steps.
To activate the UAN, you need to perform the following steps:
- The member needs to first register on the EPFO’s member portal using their UAN and other relevant details such as name, date of birth, mobile number, and email ID.
- Once registered, the member needs to create a login ID and password. Members can use this login ID and password to access the portal and avail of the various services provided by the EPFO.
Updating KYC for EPF Account!
Updating the KYC (Know Your Customer) details for your EPF (Employee Provident Fund) account is important for seamless and hassle-free transactions related to your EPF account. Before updating your KYC for the EPF account, you have to ensure that the UAN activation has already been done.
Here are the steps to update your KYC details for your EPF account:
- Log in to the EPFO member portal using your UAN (Universal Account Number) and password.
- Once you are logged in, go to the “Manage” option available on the top menu bar.
- Go to the ‘KYC’ option from the drop-down menu.
- Click on the ‘Add KYC’ button.
- This will redirect the user to a new page. This page shows a list with different “Document Type” and respective fields next to them, which you must fill up along with the document’s details.
- Select the type of KYC document you want to update. It can be PAN, Aadhaar, passport, driving license, bank account details, or voter ID card.
- Enter the document number, name, and other relevant details, as per the selected document type.
- Click on the ‘Save’ button to submit the details.
- The status of your KYC document will be shown under the column named “KYC Pending for Approval” after updating the user’s document details. Once the employer verifies and approves the document, the status will be shown under the “Digitally Approved KYC.”
- Users will receive an SMS to confirm the same.
- Once the verification is done, the status of the KYC update will be shown on the portal.
It is important to note that for an Aadhaar-based KYC update, the member’s name, date of birth, and gender as per Aadhaar must match with the details provided in the EPF account.
For bank account-based KYC updates, the member’s name in the bank account should match the name in the EPF account.
It may take some time for the KYC update to reflect in the EPF account, so it is advisable to check the status regularly.
EPF KYC can enhance the customer experience by providing a more seamless onboarding process. By verifying the identity of customers upfront after UAN activation, the EPF platform can reduce the risk of account suspension or closure later on. It is important to activate the UAN to ensure easy and convenient access to EPF-related services and to keep track of the balance and other important information related to the member’s EPF account.