Paytm Payments Bank users who have linked their PF accounts, take note! The ongoing issues with Paytm Payments Bank have led to significant implications for EPFO transactions.
EPFO Bans Transactions Linked to Paytm Payments Bank
In response to recent developments, EPFO has taken decisive action by prohibiting transactions involving PF accounts linked to Paytm Payments Bank.
Effective immediately, users will no longer be able to conduct deposit or withdrawal transactions in their EPF accounts via Paytm Payments Bank.
Key Highlights of EPFO Circular
EPFO has issued a circular mandating all field offices to reject claims associated with EPF accounts linked to Paytm Payments Bank, effective February 23, 2024.
Users are urged to promptly update their PF account details to avoid disruptions in monthly transactions.
Urgent Action Required for EPF Account Holders
If your EPF account is currently linked to Paytm Payments Bank, it’s crucial to update your account information without delay.
Failure to do so within the specified timeframe will result in the cessation of monthly transactions.
Additionally, EPF members planning to make withdrawals from their accounts via Paytm Payments Bank will no longer have this option.
Take Preventive Measures: Link a New Bank Account Today
To mitigate any potential issues, EPF members are strongly advised to link a new bank account to their EPF accounts as soon as possible.
By taking proactive steps, users can ensure seamless transactions and uninterrupted access to their funds.
