EPFO enlists 15 more banks for collection of employers contribution
This story was originally published at 18:35 IST on 1 April 2025
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NEW DELHI – The Employees' Provident Fund Organisation has enlisted 15 more banks for the collection of EPFO contributions, the labour ministry said on Tuesday. With the addition of the new banks, employers can now pay their monthly EPFO contributions through 32 banks in total.
The newly empanelled 15 banks will enable direct payment of nearly INR 120 billion in annual collections and enable direct access to employers who maintain their accounts with these banks, the ministry said in a release.
"The empanelment of new banks will bring seamless integration of EPFO collections/dues payments by employers, further reducing the need of aggregator payment mechanism for employers, which will help both EPFO & employers to reduce transactional delays and thereby strengthening operational efficiency," the ministry said. "This will also significantly reduce costs to EPFO payable for name validation of members' accounts held in non-empanelled banks."
The new banks enlisted are HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vysya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamilnad Mercantile Bank, Development Credit Bank, and Bandhan Bank.
The EPFO scheme provides social security to nearly 80 million active members and over 7.8 million pensioners. In 2024-25 (Apr-Mar), the EPFO settled over 60 million claims, 35% higher than a year ago.
The EPFO collected over INR 3.41 trillion in contributions remitted by employers through 12.5 million electronic challan-cum-returns in FY25 till Mar. 20. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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