EPF Account: How to update bank account details There have been cases where people close their bank accounts but forget to change or update the new bank account in their EPF Account. Wrong bank account information can lead to unsuccessful credit transactions. Representative Image Employees' Provident Fund Organisation (EPFO) enables subscribers to make withdrawals from their EPF Account. The members must have the correct bank account in the records in order to ensure hassle-free withdrawals. There have been cases where people close their bank accounts but forget to change or update the new bank account in their EPF Account. Wrong bank account information can lead to unsuccessful credit transactions.