In a major relief for crores of EPFO members, the government is planning to make Employees’ Provident Fund (EPF) withdrawal easier. Soon, the EPFO subscribers will be able to withdraw their PF money directly via UPI.
The Employees’ Provident Fund Organisation (EPFO) has reportedly prepared the entire blueprint of this scheme and talks are going on with the National Payments Corporation of India (NPCI) to implement this facility, according to an FE report. If everything goes according to plan, this facility can go live on the UPI platform in the next 2-3 months, the report said.
After UPI integration, members will be able to get their claimed amount directly in their digital wallets, making the withdrawal process fast, simple, and hassle-free.
EPF withdrawal through UPI: What are the benefits?
The UPI facility for PF withdrawal will lead to ease of transactions for people as they can access their savings instantly.
The EPF withdrawal process, which gets completed in about 7 days in most cases, can be completed in a few hours or minutes after this UPI integration facility is in place.
Another benefit of this facility will be that the chances of claim rejection will come down and lead to more transparency in transactions.
Also read: EPFO: Guaranteed minimum pension of Rs 7,500 under EPS soon?
However, no official announcement has been made by EPFO regarding this facility yet. Further information will be available only when EPFO issues a formal notification on this.
Apart from this, the EPFO is expected to ATM withdrawals for its members under its EPFO 3.0 program.
EPFO ATM will be a new facility, which will allow EPFO subscribers to withdraw their provident fund (PF) directly from the ATM. EPFO 3.0 initiative aims to enhance user experience and provide easy access to savings and reduce paperwork.
How will EPFO ATM work?
EPFO ATM card will work exactly like a debit card.
To withdraw money, you have to link your UAN, verify OTP and then withdraw cash.
Through this facility, you will be able to withdraw your PF without waiting for the approval of the employer.
Important things related to EPF withdrawal
If you want to withdraw money from your EPF account, then it is important to know that it has some conditions and limits.
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