Payment of EPF Benefits through Paytm and Airtel Payments Bank
EPF Department through a Circular dated 1st November, 2023 has notified that they have extended the payments of EPF benefits through Paytm Payments Bank Ltd. And Airtel Payments Bank Ltd. Hence, employees who hold accounts in these digital banks can use these Banks for withdrawal of PF. Employees will be able to submit the KYC for approval for these Banks instead of opening accounts in traditional banks only for PF Claim settlement.
Previously, through a circular dated 6th May 2021, EPF had included Fino Payment Bank and India Post Payment Bank for EPFO settlement. As RBI has included Paytm Payments Bank Limited and Airtel Payments Digital Bank Ltd in the second schedule to the Reserve Bank of India Act, 1934, these two Banks now qualify under provisions of EPF schemes for PF withdrawal of members. Please write to sayali@payrule.in for further information and copy of the notification.