The Employee Provident Fund Organisation (EPFO) has announced a crucial update for subscribers with accounts linked to Paytm Payments Bank. Following restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank, deposits and credits into EPF accounts associated with this bank will be blocked from February 23rd, 2024.
Why the Block?
Remember, just last year, the EPFO had allowed EPF payments in Paytm Payments Bank and Airtel Payments Bank accounts. However, recent RBI action against Paytm Payments Bank due to non-compliance issues (despite warnings) led to restrictions on new deposits, credit transactions, and top-ups starting February 29th, 2024.
What Does This Mean for You?
If your EPF account is linked to Paytm Payments Bank, you won’t be able to make any further deposits or receive credited amounts after February 23rd, 2024. However, you can still withdraw or utilize your existing balance freely.
What Should You Do?
To avoid any delays or disruptions, it’s highly recommended to update your EPF account with a different bank account before February 23rd, 2024. You can easily update your bank details through the EPFO website or mobile app.
Key Points to Remember
- This restriction only applies to Paytm Payments Bank, not Airtel Payments Bank.
- You can still withdraw or use your existing EPF balance in Paytm Payments Bank.
- Update your EPF account with a different bank account before February 23rd to avoid delays.
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