EPFO Withdrawal New Rules: Now, withdrawing money from PF will be as easy as making a UPI payment. EPFO is soon launching an 'instant withdrawal' facility based on the BHIM app in collaboration with NPCI. This will allow millions of subscribers to receive money instantly in emergencies without long waits and complicated forms.

EPFO Withdrawal New Rules: The Employees' Provident Fund Organisation (EPFO) is preparing to launch a major facility for its millions of subscribers. Now, withdrawing PF money could be as easy as making a transaction through UPI. The plan is to completely change the system to eliminate complicated forms and long waits for verification.

Preparation for UPI-based withdrawal system

EPFO is working to make the UPI-based withdrawal system a reality in the next two to three months. For this, a technical framework is being prepared in collaboration with the National Payments Corporation of India (NPCI). In this system, account holders will be able to submit claim requests directly through the app, after which automatic verification of Aadhaar and bank details will take place on the backend.

Significant time savings

In the current system, processing online advance claims of less than Rs 5 lakh takes at least three working days. For larger amounts, it takes even longer due to manual processing. The new UPI system is being introduced to eliminate this delay.

Money will be transferred directly to the bank account

As soon as a member submits a claim request for valid reasons such as illness, marriage, or education, the system will immediately verify it. If everything is found to be correct, the money will be sent directly to the bank account linked to UPI through the State Bank of India (SBI). This means that the money can reach the account almost instantly after the claim is approved.

The facility will be launched through these apps

Initially, this PF withdrawal facility will be available only on the BHIM app.

In the first phase, withdrawal of the entire amount will not be allowed; a limit will be set.

After a successful launch on the BHIM app, it may be considered for other platforms like Google Pay, PhonePe, and Paytm.

Disclaimer: India Employment News does not provide any recommendations for buying or selling in the stock market. We publish market-related analyses based on information from market experts and broking companies. However, please make market-related decisions only after consulting with certified experts.