Provident Fund contribution of private sector labourers covered under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 is deposited in the State Bank of India.
As per the provision of Para 52(1) of the Employees` Provident Funds Scheme, 1952, all monies belonging to the Fund shall be deposited in the Reserve Bank of India or the State Bank of India or such other Scheduled Banks as may be approved by the Central Government from time to time. No other Scheduled Bank has been approved by the Central Government for this purpose.
