EPFO UPI Withdrawal: The EPFO will soon simplify the PF withdrawal process by integrating it with UPI. Employees will now be free from complex portals and weeks of waiting. This new system, developed in collaboration with NPCI, will allow you to withdraw your funds instantly directly from your mobile app.
Add informalnewz.com as a Preferred Source
EPFO UPI Withdrawal: For millions of employed people in India, their Provident Fund (PF) money is their ultimate support in old age and a key safeguard against emergencies. Whether it’s a wedding, a child’s higher education, or a medical emergency, PF deposits have always served as a safety net. However, until now, the withdrawal process has been cumbersome and tedious. From filling out forms to company verification, employees had to wait for weeks. But now, all this is about to become a thing of the past.
PF Withdrawals Will Be as Simple as UPI
The Employees’ Provident Fund Organization (EPFO) is embarking on a revolutionary initiative. Soon, the PF withdrawal process will be as simple as sending money through UPI. The EPFO is developing a digital system that eliminates the need for account holders to navigate lengthy paperwork or complex online portals. Work on this technology is progressing rapidly in collaboration with the National Payments Corporation of India (NPCI).
How will this new system work?
- Under this new facility, PF subscribers will be able to send withdrawal requests directly from the UPI app on their mobile.
- As soon as you submit a request on the app, the EPFO system will automatically verify your Aadhaar, bank account, and PF records in the backend.
- If all your information is found to be correct, the claim will be approved immediately. This will not only save time but also eliminate the risk of claim rejection due to manual errors.
Which apps will this feature be available on?
- According to preliminary information, this service may be launched on the government’s BHIM app.
- For security reasons, withdrawals will not be allowed initially. A limit will be set as per RBI regulations.
- After successful testing on the BHIM app, it may be rolled out on other popular platforms like Google Pay, PhonePe, and Paytm.
When will this service be launched?
EPFO aims to have this system live within the next 2 to 3 months. Its technical infrastructure is currently being tested. Once it meets security standards, it will be rolled out to the general public.
Read More: Linking Aadhaar to IRCTC offers 5 major benefits that 99% of people don’t know.
