EPS new rules: Now Withdraw Your Pension from ANY Bank – Here’s How

The Employees’ Provident Fund Organization (EPFO) has introduced a significant update for pensioners under the Employees’ Pension Scheme (EPS). Effective January 1, 2025, the Centralized Pension Payment System (CPPS) enables pensioners to withdraw their pension from any bank branch across India, eliminating the need for a specific bank or branch.

This reform is a game-changer, making pension withdrawal hassle-free and accessible for millions of retirees. Previously, pensioners had to rely on a specific bank branch, making it difficult to access their funds after relocation or bank changes. Now, with CPPS, pensioners can enjoy nationwide access, faster crediting of pensions, and seamless transactions.

EPS new rules

The introduction of the Centralized Pension Payment System (CPPS) is a major relief for EPS pensioners. Now, withdraw your pension from ANY bank branch in India without any hassle. This eliminates delays, improves accessibility, and ensures faster pension disbursement.

With Aadhaar-based integration on the horizon, pensioners can look forward to an even simpler, safer, and more efficient pension system in the future. If you’re an EPS pensioner, update your EPFO details and enjoy seamless pension withdrawals!

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EPS new rules: What is the Centralized Pension Payment System (CPPS)?

The Centralised Pension Payment System (CPPS) is a new mechanism designed by EPFO to streamline pension disbursement. It removes geographical restrictions, allowing pensioners to receive their pension from any bank in India.

Why Was CPPS Introduced?

EPFO introduced CPPS to address common challenges faced by pensioners, including:

1. Bank dependency – Previously, pensioners had to withdraw from a specific bank branch, which caused problems if they relocated.
2. Transfer delays – Moving pension accounts to a new bank often led to delays.
3. Bank closure issues – If a pensioner’s bank branch shut down, they had to go through a tedious process to switch accounts.
4. Faster payments – With CPPS, pensions are now credited immediately upon release, eliminating delays.

How CPPS Benefits Pensioners

With CPPS, pensioners can:

1. Withdraw their pension from any bank
2. Receive their pension instantly
3. Avoid paperwork when changing banks
4. Relocate freely without worrying about pension transfers

EPS new rules: How to Withdraw Your EPS Pension from Any Bank

If you are an EPS pensioner, follow these steps to withdraw your pension hassle-free:

Ensure Your EPFO Details Are Updated

1. Before using CPPS, make sure your bank account details and Aadhaar are updated in EPFO records.
2. Visit EPFO Member Portal
3. Log in with your Universal Account Number (UAN)
4. Verify your bank details and Aadhaar

No Need for Bank Visits

Previously, pensioners had to visit the bank branch to verify details. With CPPS, pensions are credited automatically without manual verification.

Enjoy Nationwide Access: Simply use your registered bank account to withdraw funds from any bank branch. No additional steps required!

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EPS new rules: Aadhaar-Based Verification – What’s Next?

EPFO plans to integrate Aadhaar-based verification to further simplify the process.
Benefits of Aadhaar integration:

• Pension disbursal will be linked to Aadhaar, eliminating manual paperwork.
• Pensioners won’t need a separate PPO transfer request.
• Enhances security and prevents fraudulent claims.

Expected Rollout: Late 2025

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EPS new rules (FAQs)