The Employees’ Provident Fund Organisation (EPFO) is making it easier than ever for employers to pay their employees’ provident fund contributions. In a major step to boost convenience and efficiency, EPFO has added 15 new banks to its list of approved collection partners, bringing the total number of banks involved to 32.
This expansion means that employers now have more options to directly deposit their contributions, which annually total around ₹12,000 crore. This will reduce delays and make the entire process smoother for businesses across the country.
Speaking on this development, Union Minister of Labour & Employment Dr. Mansukh Mandaviya highlighted EPFO’s vision to modernize its services under the “EPFO 3.0” initiative, aiming to make the organisation as accessible and user-friendly as any bank.
The EPFO has also been breaking records on the claims front. In the financial year 2024-25, over 6 crore claims were settled, a 35% jump from the previous year. Thanks to a new auto claim settlement system, many claims are now processed in just three days, dramatically speeding up benefit delivery to workers.
Pensioners are also benefiting from reforms. More than 78 lakh pensioners can now receive their payments in any bank account nationwide, removing the earlier hassle of being tied to a specific zonal bank.
For those saving with EPFO, the organisation continues to offer an attractive interest rate of 8.25%.
Overall, EPFO collected more than ₹3.41 lakh crore in contributions from over 1.25 crore electronic returns up to March 20, 2025, a clear sign of the organisation’s growing reach and efficiency.
By widening its banking network and embracing technology, EPFO is steadily improving the way it serves millions of workers and employers across India.
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