EPFO UPI Method: PF withdrawal from UPI, know how the new EPFO ​​app will do real-time transfer of money?

EPFO UPI Method: Retirement fund body Employees Provident Fund Organization (EPFO) is set to launch a new facility that will allow subscribers to withdraw part of their provident fund money in real time using the UPI method, recent reports say.

According to PTI and CNBC TV18 reports, EPFO ​​subscribers will be able to withdraw their PF money through UPI, which will then be directly transferred to their bank account, making the process easy and hassle-free and ending the decades-long wait for your provident fund money to come into your account.

Withdraw PF money from UPI

Quoting a person with knowledge of the matter, PTI said that the Labor Ministry is working on a project under which some PF money will be frozen, and members will be able to see a large part of their provident fund available to withdraw from their banks using UPI.

How much money can you withdraw?

According to the report of CNBC TV18, EPFO ​​Members can withdraw up to 75% of their provident fund amount using the UPI method. The money will be directly transferred to their linked bank account, after which they will be able to withdraw the cash.

As per the current PF rules, subscribers can withdraw 75% of the available balance immediately. EPFO allows withdrawal of 100% funds only in those cases when someone has been unemployed for at least one year.

How to withdraw PF money using UPI?

Some media reports say that EPFO ​​will launch a new mobile phone application through which members will be able to withdraw their EPF money using the UPI gateway.

People informed by news agencies and media outlets said that subscribers will be able to see the available eligible PF balance for transfer to their seeded bank account in the mobile application.

The subscriber must select a valid reason for initiating the withdrawal transaction, such as illness, studies, marriage or home.

They will be allowed to use their linked UPI PIN to complete the transaction, ensuring secure transfer of funds to their bank account.

The entire transfer will then be done through UPI payment gateway, resulting in immediate settlement of funds.

Reports further state that this app is likely to be launched in April, which is good news for millions of EPF subscribers this year.

Currently, EPFO ​​members have to apply for a withdrawal claim to access their EPF money, which takes time. It usually takes at least three to four days for the money to be transferred.

A look at the new EPFO ​​app

According to reports, subscribers will be able to avail other services like passbook balance from the new EPFO ​​app. Currently, members use either the Universal Account Number (UAN) portal or the UMANG app to access their EPF account and avail its services.

The person quoted by PTI said that these services will be available on both the platforms, while the new dedicated app will further improve the accessibility and delivery of services for EPFO ​​subscribers.

The person further said that EPFO ​​is currently conducting a trial using 100 dummy accounts to improve the effectiveness of the service and overcome any technical glitches in the service.

The post EPFO ​​UPI Method: PF withdrawal from UPI, know how the new EPFO ​​app will do real-time transfer of money? appeared first on Latest.