EPFO Monthly Pension Scheme: Understanding Pension Disbursement Bank Authorizations

Retired employees seeking to avail of the EPFO Monthly Pension Scheme must initiate an online pension claim through the PF portal. However, pension claims often get rejected due to various reasons. One of the primary reasons is the lack of clarity among both employees and employers regarding the authorized banks responsible for pension disbursement.

Not all banks are authorized to disburse EPFO pensions across all regions. Some banks are designated only for specific regions within a particular state.

To clarify, let’s take an example from Maharashtra:

• The PF Offices in Maharashtra include THANE (MUMBAI-II) and VASHI, with office codes THTHA and THVSH, respectively.

• ICICI Bank is an authorized pension disbursing bank only for companies registered under the THANE (MUMBAI-II) PF Office (THTHA).

• However, ICICI Bank does not have the authority to disburse pensions for companies registered under the VASHI PF Office (THVSH).

Important Advisory for Employees & Employers:

To avoid pension claim rejections, it is crucial to open a bank account in the correct authorized bank based on your respective PF office code.

Below is a state-wise and region-wise (Office ID) list of Pension Disbursing Agencies under EPS-1995 within India to help you choose the right bank.