EPFO: Are you also an EPFO member? then this article is for you. The Employees’ Provident Fund Organisation (EPFO) has entered into a partnership with 15 more public and private sector banks, with Union Minister of Labour & Employment, Youth Affairs & Sports, Dr. Mansukh Mandaviya, present in New Delhi for the signing. This addition of 15 banks will facilitate the direct payment of approximately Rs 12,000 crore in annual collections, allowing employers with accounts at these banks to access services directly.

To assist employers under the Act in making their monthly contributions, EPFO has already partnered with 17 banks, bringing the total to 32.

In his speech, Union Minister Dr. Mansukh Mandaviya highlighted that institutions like EPFO are significantly contributing to the progress of New India. He emphasized the organization’s crucial role in shaping the nation’s future, noting that EPFO serves around 8 crore active members and over 78 lakh pensioners, providing essential social security benefits to millions.

He highlighted the ongoing evolution and adaptation of EPFO, particularly with the recent launch of EPFO 2.01, a powerful IT system that has greatly enhanced the claim settlement process. He noted that in the financial year 2024-25, EPFO achieved a remarkable milestone by settling over 6 crore claims, marking a 35 percent increase from the 4.45 crore claims settled in the previous year (2023-24).

Dr. Mandaviya mentioned that customer satisfaction has seen a significant boost. EPFO is actively progressing towards EPFO 3.0, aiming to make its services as accessible and efficient as those offered by banks.

8.25 percent interest rate

The Union Minister expressed his satisfaction with EPFO providing an 8.25 percent interest rate to its beneficiaries.

New Banks Added to EPFO

The new banks that have joined EPFO include 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.