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EPFO ties up with banks to remit and receive provident fund contributions/withdrawals
Posted on: 06-07-2017 , 12:47:PM | DY365 Bureau

 Image for representational purpose only. Source : Internet

 Employees Provident Fund Organisation (EPFO), the Retirement fund manager of India, in order to reduce transaction costs and to expand its service offerings tied up with a group of 5 banks to offer its services to the public.

This will reduce the transaction cost of EPFO by at least Rs300 crore a year.

The tie-up Banks are – Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank.

From now-onwards the employers having Bank Accounts with these Banks can directly deposit PF dues directly in EPFO’s account using Internet Banking in real-time basis instead of going through the aggregator basis.

As per the terms of the agreement, the banks will remit EPF deposits to EPFO on the next working day, by 11am.

For the last 60 years, State Bank of India was EPFO’s sole banking partner.

In December 2016, EPFO joined hands with four more nationalized banks: Punjab National Bank, Allahabad Bank, Union Bank and Indian Bank.


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