EPFO UPI Withdrawal Begins: Many areas are constantly developing due to the digital revolution across the country. Due to the digital revolution, many services are now being made more competent and intensified than before. One such important service is EPF, Employees Provident Fund Organization which provides pension and provident fund facility to crores of employees across the country.
Provident fund accounts of many employees are being operated in the EPF and currently many types of changes have been made in the EPF. These new changes have been made keeping in mind the digital revolution so that the account holders do not have any kind of inconvenience and in the coming time, the entire process is trying to intensify the withdrawal medium of money from the account.
EPFO UPI Withdrawal Begins
Yes, EPFO is now going to connect UPI payment as a withdrawal medium. That is, in the coming time, the withdrawal of the amount from EPF will be possible through UPI. Although so far this entire process has been prepared as a pilot project, soon this proposal will land on the ground. This step will not only prove to be a big change in the direction of digitization of EPFO but will also directly benefit the employees.
No More Wait For Pf Claim
As we all know, one has to go through a long claim process for withdrawal of money from EPFO’s PF account. Usually this withdrawal was done through a bank account in which it took at least 15 days to complete the verification process after submitting the claim and at least 15 days to get money in the bank, but now all this process through UPI will become easier and more transparent. That is, now employees will be able to receive their PF money through UPI through UPI and can easily diagnose their needs.
EPFO UPI Withdrawal Begins For 7 Crore Workers
As we said in the coming time, EPFO PF is going to be withdrawn through UPI, that is, all the account holders whose account is in EPFO can get their money through UPI without any hassle. That is, now employees will be able to withdraw their PF money through Google Pay, Phone Pay and other UPI apps. It is being said that in the initial phase only 7 crore employees will be connected to this facility, but gradually this facility will be provided to all employees across the country. That is, all the employees across the country will be able to get their PF money through UPI.
New UPI Feature for EPF Aims to Eliminate Delays
Let us tell you, if an employee has to withdraw money from PF, then he has to enter the application in EPFO. Along with the application, all the necessary documents are also to be provided to the employees. It takes about 15 days after submitting the claim and after that the money of his PF is transferred to the employees’ account. Many times this process is completed at such a slow pace that at the time of need, employees are unable to get their own money.
In such a situation, the employees have to arrange for money from any other source or sometimes they have to take a loan where he has to pay huge interest. Keeping all these things in mind, the government sector and private sector employers have now decided to connect the EPF with UPI so that employees can be provided their money at the time of need, where they do not have to pay huge interest and their money can be used at the time of their need.
Benefit Of Integration Of EPFO And UPI
Due to the integration of EPFO and UPI, a new mechanism will develop where employees will be able to withdraw money directly from PF accounts through UPI. That is, you will be able to get the facility of sending money immediately through the mobile app, where they will get rid of the process of long claims, this whole process will give employees to see the following benefits
- Employees will no longer have to wait for 15 to 20 days to get money from EPFO.
- As soon as the request is approved, employees will be able to withdraw their money from the UPI Linked Bank account.
- This entire process will be paperless in which the claims will not have to be presented again and again.
- In this entire process, employees will not have to travel to bank branch, government offices.
- Real time tracking facility will be provided in this entire process to reduce the possibility of mistakes and transparency.
- As soon as this facility starts, employees will not need middlemen to get money from EPFO and this transaction will be done free of cost.
- Apart from cities, the employees of the village will also get direct benefit in this entire process.
How can PF be withdrawn from UPI?
UPI and PF will be integrated in the coming time. After integrating UPI and PF, the account holder will get the details of PF amount on his UPI. The account holder has to follow the following phase rate steps in this entire process
- First the account holder will have to download the official app of EPFO in his mobile.
- After downloading the official app, the account holder will have to login to the UN number.
- After the completion of the login process, they will have to scan and upload the documents required for withdrawal from UPI.
- After this, the account holder will have to register his UPI ID here.
- After registering UPI ID, the account based will have to complete the OTP verification.
- After the completion of OTP verification, the UPI of the account holder becomes active and the PF amount of the account holder will be sent to UPI from PF account within 1 to 3 days of working day.
How to be added to EPFO and UPI?
NPCI is going to adopt phased methods to connect EPFO and UPI. Initially this new process will be implemented as a pilot project in which members will have to login to their EPF portal and enter UPI ID. After checking the entire validity, the account holder will be able to connect Google Pay Paytm etc. UPI app with the EPFO system. After this, the account holder will be able to receive his PF money from UPI. If the pilot project gets success in the initial stages, then gradually it will be implemented throughout India.
Conclusion: EPFO UPI Withdrawal Begins
Overall, an important revolutionary initiative is going to be launched by the EPFO soon where PF EPFO employees will not only be able to get PF account details at home but will also be able to withdraw their money through UPI.
FAQs: EPFO UPI Withdrawal Begins
Can I withdraw all of my funds from EPFO?
No, unless you are unemployed, you are not allowed to take money out of your EPF.
When can we take our PF out of UPI?
A major change that will allow its members to instantly withdraw their provident fund (PF) through ATMs and UPI is anticipated to be implemented by the Employees’ Provident Fund Organization (EPFO) by the end of May or early June 2025.
Will EPFO permit immediate PF withdrawals through ATMs and UPI up to ₹1 lakh by June 2025?
EPFO will enable instant ₹1 lakh withdrawals for Provident Fund (PF) withdrawals through ATMs and UPI beginning in June.
When can we take out 90% of our PF?
The retirement age has been set at 55 by the EPFO.. One year prior to retirement, an employee who has reached the age of 54 may take out 90% of their EPF funds.