EPF Contributions and Withdrawal – Agreement with Banks entered for easy deposit & withdrawals of EPF Contributions
EPF Contributions and Withdrawal – Agreement with Banks entered – PIB news
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.
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.
Source :
PIB