EPFO PF Withdrawal Via UPI: EPFO has started testing this new facility in collaboration with banks. A senior government official has said that this facility can be started by the end of December. After the launch of this facility, withdrawing PF money will become easier and faster than before.
Very soon PF money will be withdrawn from ATM
Withdraw PF Money Via UPI: Employees Provident Fund Organization i.e. EPFO is continuously improving its services for the convenience of its employees. EPFO is going to start a new facility under which PF money can be withdrawn directly through UPI. Now a new update has come out regarding this facility, in which it has been told when this facility will start.
When will the facility start?
EPFO has started testing this new facility in collaboration with banks. A senior government official has said that this facility can be started by the end of December. After the launch of this facility, withdrawing PF money will become easier and faster than before.
How will the new feature work?
Under this new facility, employees will be able to withdraw up to 75 percent of their EPF balance. However, for this some rules will have to be followed. According to the current rules, after withdrawal of money, it is necessary to have at least 25 percent money left in the EPF account.
For what purposes can you withdraw money?
Through UPI, employees will be able to withdraw money for many important purposes. Like education, marriage, buying a house or getting the house repaired. For all these purposes, up to 75 percent of the EPF balance can be withdrawn. The remaining 25 percent money in the account will continue to earn tax free interest as before and will be safe for the future.
New feature will be added to these apps
EPFO is also preparing to launch a new app. This app can be linked to the bank accounts of employees as well as BHIM and other UPI apps. With this the entire process of withdrawing PF will become very easy.
How to withdraw PF money now?
At present, to withdraw PF money, the employee has to go to the UAN portal and make an online claim. After the claim is approved, EPFO sends the money to the employee’s bank account. This entire process takes a lot of time. But after the launch of the new facility, the UAN portal will be directly linked to UPI, due to which the money will be transferred to your account immediately.