EPFO App PF Withdrawal UPI: The Employees’ Provident Fund Organisation, also known as EPFO, is bringing a change for its members. Soon, people may be able to take out some of their provident fund money instantly using UPI. This means they will not have to wait for days like before.
Reports by Press Trust of India and CNBC TV18 said that EPFO subscribers will be able to transfer their PF money directly to their bank accounts using the UPI system. Right now, members must apply for withdrawal and then wait at least three to four days for the money to come. The new system aims to remove this long waiting time.
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As per the reports, the labour ministry is working on a system where a part of the PF amount will be kept frozen. The remaining eligible balance will be shown in a new mobile app. Members can then choose to withdraw that amount through UPI.
How much Money can be Taken Out?
According to CNBC TV18, members may be allowed to withdraw up to 75% of their provident fund balance using the UPI method. This money will go straight into their linked bank account. After that, they can take out cash if they want.
Under the current rules, people can already withdraw 75% of their balance in certain cases. Full 100% withdrawal is allowed only if a person has been unemployed for at least one year. So the rules about how much can be withdrawn are not changing much. The main change is about how fast and easy the money reaches the member.
To take out the money using UPI, members will have to use a new EPFO mobile app. In this app, they will see how much PF amount they can withdraw. They must choose a proper reason for taking out the money. Valid reasons include illness, education, marriage, or housing needs.
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After selecting the reason, the member will enter their UPI PIN. Once this is done, the money will be sent through the UPI payment gateway.
New EPFO App
EPFO members use the UAN portal or the UMANG app to check their accounts and apply for services. These services will continue as usual. The new app will work along with them and is meant to make things faster and easier.
The reports say that the new app may be launched in April. This can bring relief to lakhs of EPF members across the country. Apart from withdrawals, the app may also allow users to check their passbook balance and other account details.
To make sure everything works smoothly, EPFO is testing the system using 100 dummy accounts. This trial is being done to fix any technical problems before the official launch.
