After RBI, now Employees Provident Fund Organization i.e. EPFO has also asked the account holders associated with Paytm Payments Bank to update their accounts. If he does not update his account before the stipulated deadline, the amount deducted from his account every month will stop after February. This order has come after RBI banned the service of Paytm Payments Bank. Let us understand what is the time limit for linking a new bank account in EPFO and how its solution can be found.
What is the new order?
After RBI, now Employees Provident Fund Organization i.e. EPFO has also refused to do transactions in EPF accounts linked to Paytm Payments Bank. The Employees Provident Fund Organization has decided to stop deposit or credit transactions in all those EPF accounts which are linked with Paytm Payments Bank accounts. EPFO has stopped all its field offices from settling claims in EPF accounts linked with Paytm Payment Bank Limited accounts from 23 February 2024. If your EPF account is linked with Paytm Payments Bank. So get it updated as soon as possible.
Ban on making claims
From 8 February 2024, the Employees' Provident Fund (EPFO) has advised its field offices to stop accepting claims on bank accounts linked to Paytm Payment Bank Limited from 23 February 2024. That means, if you are thinking of making a claim to withdraw money from PF and your account is linked to Paytm Payments Bank, then you will not be able to do so. Therefore, get your new bank account updated as soon as possible.
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Let us tell you that the Reserve Bank of India (RBI) has also directed Paytm Payments Bank to stop deposit and credit transactions after February 29, 2024. Customers can continue to use the Paytm app to withdraw funds and receive credit till February 29, 2024. After that date, customers will be unable to deposit money into their Paytm Payments Bank account or wallet. All account holders will be required to close their accounts and clear the balance.