EPF : Agreements with Banks for easy deposit & withdrawals of EPF Contributions

Press Information Bureau

Government of India

Ministry of Labour & Employment

02-August-2017 17:21 IST

Agreements with Banks for easy deposit & withdrawals of EPF
Contributions 

 

The Employees’ Provident Fund Organisation (EPFO) has tied up/entered into
agreement with ten banks to collect EPFO dues and to make payments of
Provident Fund (PF) withdrawals, pension and insurance to EPFO
beneficiaries. These banks are State Bank of India, Punjab National Bank,
Indian Bank, Allahabad Bank, Union Bank of India, Bank of Baroda, HDFC
Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.

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The main objective of the multi banking arrangement is to provide more
options to the employers to remit the Employees’ Provident Fund (EPF)
contribution directly from their bank accounts. This will not only make the
transactions cost effective but also ensure real time transfer of funds
through net banking.

This information was given by Shri Bandaru Dattatreya, the Minister of
State (IC) for Labour and Employment, in a written reply to a question in
Rajya Sabha, today.