EPFO signs pact with banks for EPF contribution and payments
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In line with the government commitment to facilitating ‘Ease of doing business’, EPFO has signed an agreement with public & private sector banks for EPFO contribution and payments. “In the presence of Bandaru Dattatreya, the Minister of State (Independent Charge) for Labour & Employment, EPFO has entered into an agreement for collection of EPF dues from employees and payment to beneficiaries as well through multiple banks in place of erstwhile single banking system,” the Ministry of Labour & Employment said on Wednesday.
The ministry said that collections of EPF dues have been started with PNB, Allahabad Bank, Indian Bank, Union Bank of India in addition to State Bank of India through direct online mode. Now, EPFO has signed an agreement with another five banks viz. Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank for the collection of remittances and payments to beneficiaries, at zero transaction charges.
It will facilitate all the stakeholders of EPFO by allowing the employees to deposit their EPF dues in a hassle-free, anywhere, anytime manner and PF members by direct payments of their bank accounts. Consequent upon signing of the agreement, the employees having a bank account with these banks may deposit EPF dues directly in EPFO’s account using internet banking on real time basis instead of going through the aggregator mode, the ministry notified.