Employees Provident Fund Organization (EPFO) has advised all its regional offices to avoid accepting claims related to accounts in Paytm Payment Bank.
Employees Provident Fund Organization (EPFO) has advised all its regional offices to avoid accepting claims related to accounts in Paytm Payment Bank. This order is going to come into effect from 23 February 204. This restriction may affect the process of withdrawal and credit transactions for EPFO customers having accounts with Paytm Payment Bank. The move follows the Reserve Bank of India (RBI) decision on January 31, which directed Paytm Payments Bank to close all banking services, including deposits and payment processing, from February 29, 2024.
What could be the impact on EPFO subscribers?
It is important for customers to update their bank account details immediately to avoid any hassle in accessing their Employees Provident Fund (EPF) corpus.
To update bank account details in EPF account online, customers can take help of these steps –
Step 1 : Go to EPFO member portal and log in using username and password.
Step 2 : Go to ‘Manage’ option in the top menu bar.
Step 3 : Select ‘KYC’ option from the drop-down menu.
Step 4 : Select the document type as ‘Bank’.
Step 5 : Add the correct bank account number and IFSC code based on bank records.
Step 6 : Click on ‘Save’.
Step 7 : Once saved, the details will be displayed under the ‘Pending for KYC Approval’ tab.
Step 8 : Submit document proof to the employer.
After verification by the employer, the status will appear under ‘Digitally Approved KYC’ and an SMS will be sent to the registered mobile number.
