Understanding EDLI Contributions: Can They Be Deposited in Any Bank?

Can the contribution of the Employees' Deposit Linked Insurance (EDLI), i.e., 0.5%, be deposited in a private or government bank?

EDLI Contribution and Payment Process

EDLI contribution is auto-calculated by the portal upon uploading of ECR. The challan generated through that ECR is payable at all scheduled banks listed on the portal.

Understanding Employees' Deposit Linked Insurance (EDLI)

No, EDLI is Employees' Deposit Linked Insurance, which means it is linked with the contribution paid in EPF by the employer. This cannot be paid separately. Also, it is an auto-calculated amount.

EDLI also provides far better benefits. Please refer to the EDLI guidelines on the EPF portal.

I have been paying the EDLI in SBI as they have provided this facility since 2012 through the approval of the Group Term Insurance Plan "Sampoorn Suraksha" issued by MIs 581 Life Insurance Company Limited in lieu of the Employees' Deposit-Linked Insurance Scheme, 1976. I have the letter confirming that SBI can deposit EDLI, allowing us to pay the full amount there and reduce it to 0 on the EPFO challan.