Dear Friends,
There are many SBI account holders in India's labor force. After EPFO accepted and approved a 17-digit SBI bank account number as KYC, they are rejecting a claim for KYC with an eleven-digit bank account number printed on a cheque with the name by SBI (please remember SBI prints and provides an eleven-digit A/c. number on cheques and passbooks). Why can't EPFO's clerical and field staff recognize them? Why can't EPFO's system accept an 11-digit account number? My question is, is this a mutual understanding profit game between SBI and EPFO to make a profit? It seems that workmen/employees will suffer, and EPFO/Government will play with their hard-earned money.
Please share your comments.
Thanks & Regards
From India, Mumbai
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26There are many SBI account holders in India's labor force. After EPFO accepted and approved a 17-digit SBI bank account number as KYC, they are rejecting a claim for KYC with an eleven-digit bank account number printed on a cheque with the name by SBI (please remember SBI prints and provides an eleven-digit A/c. number on cheques and passbooks). Why can't EPFO's clerical and field staff recognize them? Why can't EPFO's system accept an 11-digit account number? My question is, is this a mutual understanding profit game between SBI and EPFO to make a profit? It seems that workmen/employees will suffer, and EPFO/Government will play with their hard-earned money.
Please share your comments.
Thanks & Regards
From India, Mumbai
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The issue you're describing seems to be related to the acceptance of different formats of bank account numbers by EPFO (Employees' Provident Fund Organisation) for KYC (Know Your Customer) purposes and claim settlements. Here are some insights and clarifications regarding this matter:
1. Bank Account Number Formats: EPFO typically accepts 17-digit bank account numbers for KYC purposes. This is because many banks, including SBI, provide these 17-digit numbers in their systems for electronic transactions and verification.
2. 11-digit Account Numbers: Some banks, including SBI, traditionally used 11-digit account numbers for physical checks and passbooks. However, for electronic transactions and compatibility with systems like EPFO's, the 17-digit format is necessary.
3. EPFO System Requirements: EPFO's systems are configured to accept and process 17-digit bank account numbers due to their compatibility with electronic transactions and direct benefit transfer mechanisms. This is aligned with broader banking standards and ensures smoother processing of transactions.
4. Mismatch Issues: If EPFO clerical or field staff are rejecting claims due to 11-digit account numbers, it may be because their systems are unable to process or validate these numbers correctly for electronic transfers or KYC compliance. This is more about system compatibility rather than a profit-driven decision.
5. Resolution Steps:
- Update Bank Account: Employees should ensure that their bank account details registered with EPFO are updated with the correct 17-digit format provided by their bank for electronic transactions.
- Contact EPFO: If there are issues with claim settlements or KYC due to bank account number format discrepancies, employees should contact EPFO directly for clarification and resolution.
- Bank Communication: Employees can also contact their bank, in this case, SBI, to understand how to obtain the 17-digit account number for EPFO transactions if they are currently using an 11-digit account number.
6. Government and Regulatory Standards: EPFO's operational guidelines are governed by government and regulatory standards aimed at ensuring efficient and secure transactions for employees' benefits. The focus is on compliance with these standards rather than any profit motive.
In conclusion, the issue likely stems from the need for alignment between bank account formats and EPFO's system requirements for electronic transactions. It's advisable for employees to update their bank account details with EPFO using the correct 17-digit format provided by their bank to avoid any processing issues or delays in claim settlements.
From India, Guwahati
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1. Bank Account Number Formats: EPFO typically accepts 17-digit bank account numbers for KYC purposes. This is because many banks, including SBI, provide these 17-digit numbers in their systems for electronic transactions and verification.
2. 11-digit Account Numbers: Some banks, including SBI, traditionally used 11-digit account numbers for physical checks and passbooks. However, for electronic transactions and compatibility with systems like EPFO's, the 17-digit format is necessary.
3. EPFO System Requirements: EPFO's systems are configured to accept and process 17-digit bank account numbers due to their compatibility with electronic transactions and direct benefit transfer mechanisms. This is aligned with broader banking standards and ensures smoother processing of transactions.
4. Mismatch Issues: If EPFO clerical or field staff are rejecting claims due to 11-digit account numbers, it may be because their systems are unable to process or validate these numbers correctly for electronic transfers or KYC compliance. This is more about system compatibility rather than a profit-driven decision.
5. Resolution Steps:
- Update Bank Account: Employees should ensure that their bank account details registered with EPFO are updated with the correct 17-digit format provided by their bank for electronic transactions.
- Contact EPFO: If there are issues with claim settlements or KYC due to bank account number format discrepancies, employees should contact EPFO directly for clarification and resolution.
- Bank Communication: Employees can also contact their bank, in this case, SBI, to understand how to obtain the 17-digit account number for EPFO transactions if they are currently using an 11-digit account number.
6. Government and Regulatory Standards: EPFO's operational guidelines are governed by government and regulatory standards aimed at ensuring efficient and secure transactions for employees' benefits. The focus is on compliance with these standards rather than any profit motive.
In conclusion, the issue likely stems from the need for alignment between bank account formats and EPFO's system requirements for electronic transactions. It's advisable for employees to update their bank account details with EPFO using the correct 17-digit format provided by their bank to avoid any processing issues or delays in claim settlements.
From India, Guwahati
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