EPF : Agreements with Banks for easy deposit & withdrawals of EPF
options to the employees to remit the EPF contribution. Shri Bandaru
Dattatreya, the Minister of State (IC) for Labour and Employment replied to
a question in Rajya Sabha
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
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.