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Introduction
The invention of the digital landscape is dramatically transforming all sectors including financial services. The Unified Account Number (UAN) is one such technology boon to Indian employees. The UAN is a 12-digit unique identification number generated by the Employee Provident Fund Organization (EPFO). Once the UAN is activated, employees can access multiple services offered by the EPFO within a few clicks using the ‘UAN member login’. These services include withdrawal of funds, checking PF balance, downloading passbook, updating KYC details, and more.
Understanding UAN
EPFO introduced the UAN as a part of its goal to shift towards online services and transfer control to employees. The UAN remains the same throughout an employee’s life, regardless of changes in the job or location. It brings together multiple Member Identification Numbers (Member Id) assigned to an individual by different organizations under one umbrella.
Activating the UAN (UAN Activate)
Activating the UAN is simple and can be accomplished online within a couple of minutes. For initiating UAN activate, one needs to visit the EPFO website, click on ‘Our Services’ and then select ‘For Employees.’ The next step is clicking ‘Member UAN/Online Services.’ Here, one needs to fill in details such as UAN, mobile number, and EPFO member ID. After filling in the details and generating a password, the UAN is activated. It is noteworthy to mention that this process requires an Aadhaar number and a registered mobile number, which receives an OTP for verification.
UAN Member Login: Services Available
The activated UAN brings along a plethora of features and services. The primary services available under the UAN member login include:
- PF balance check: Using the UAN login, employees can check their PF balance anytime, anywhere. They can also download their updated passbook, which shows the updated EPF balance.
- EPF withdrawal: UAN member login enables the employees to claim their EPF online. With Aadhaar linked to UAN, the process becomes faster, simpler, and more seamless.
- Updating KYC details: UAN member login permits the employees to update or modify their KYC details – such as Aadhaar number, PAN, bank account details – at any time.
- Transfer request: Transferring EPF from the previous employer to the current one has never been easier. UAN member login allows employees to submit a transfer request quickly.
- Track claim status: Employees can also track the status of their EPF claim.
- Checking EPF history: UAN allows the employees to view their EPF contribution history. This transparency aids them in their financial planning.
Conclusion
In a nutshell, the UAN is a valuable online service offered by EPFO that offers an array of benefits such as checking PF balance, transferring PF, tracking claim status, and updating KYC details. However, investors are advised to thoroughly evaluate all the aspects of using digital financial services, keeping in mind the benefits and challenges. Every transaction must be performed after considering its implications on their financial and personal lives.
Disclaimer:
It is important for the investor to understand that trading and investing in the Indian financial market is subjected to market risk. We do not endorse or recommend any financial decisions. The investor should be well aware and prepared to handle the financial outcomes of their decisions.
Summary:
Unified Account Number (UAN) brings a number of online services for Indian employees at their fingertips. The 12-digit unique number consolidates multiple member IDs, providing access to PF balance check, EPF withdrawal, KYC detail update, transfer request, claim status tracking, and EPF history viewing. Activating the UAN involves a few simple steps and an Aadhaar card. However, it is advisable for individuals frequently using these financial services to understand the implications and risks involved in digital transactions and prepare accordingly.
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