EPFO UPI Service: Those who withdraw money from PF will know how much time and paperwork is required for this work. But, EPFO is soon going to start UPI facility, after which you will be able to withdraw your money from PhonePe, Paytm wallet.
PF UPI Service: The Employees’ Provident Fund Organization (EPFO) has started a major change in the way it works. Currently, employees have to go through a long process to withdraw money from their PF account, but soon they will get the option to withdraw their PF money from UPI options like PhonePe and Paytm and ATMs. Preparations are underway to start this facility very soon.
According to Financial Express, the Employees’ Provident Fund Organization (EPFO) has prepared the entire blueprint of this scheme and talks are going on with the National Payments Corporation of India (NPCI) to implement this facility. If everything goes well, this facility can go live on the UPI platform in the next 2-3 months. About 7 crore members of EPFO will get the benefit of this. After UPI integration, EPFO members will be able to receive their claimed amount directly in the digital wallet, making the withdrawal process fast, simple and hassle-free.
7 days work will be done in minutes
Once EPFO starts the UPI facility, the transaction will become very easy for the employees. Currently, one has to wait a lot for the money to reach the PF account. Generally, the PF withdrawal process is completed in about 7 days in most of the cases. But, after the implementation of UPI integration facility, it will be completed in a few hours or minutes and the money will reach the people’s account.
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Claims will not be rejected
Another benefit of EPFO’s UPI facility will be that the chances of rejection of claims will be reduced and there will be more transparency in transactions. However, EPFO has not yet made any official announcement about this facility. More information will be available only when EPFO issues a formal notification on it. Apart from UPI, EPFO is also offering a new ATM facility. This will allow EPFO subscribers to withdraw their Provident Fund (PF) directly from the ATM. The EPFO 3.0 initiative aims to improve user experience and provide easy access to savings. Also reduce paperwork.
How will EPFO ATM work
The ATM facility started by EPFO will be just like a debit card. To withdraw money through this, you will have to link your UAN. After this, you will have to verify the OTP and then withdraw cash. Through this facility, you will be able to withdraw your PF without waiting for the approval of your employer. Meaning now you will not need the permission of the employer to withdraw PF money.
