EPFO UPI Withdrawal: When It Starts and How You Can Claim PF
EPFO: Employees can withdraw the amount deposited monthly in their PF account after retirement or even earlier. This involves a lengthy process. However, soon there will be an option to withdraw money through UPI.
Good news for EPFO members
EPFO is preparing for a change that will bring great relief to PF account holders. You won't have to wait for days to get your PF money. Soon, you'll get PF funds as fast as regular mobile payments.
When will PF withdrawal via UPI start?
According to the latest info, EPFO plans to launch the UPI-based PF withdrawal facility in the next 2-3 months. Technical arrangements are being made with NPCI. Initially, the service will be on the BHIM app.
How will money be received through the BHIM app?
Once a PF withdrawal request is made on the BHIM app, a backend check happens instantly. For approved needs like illness or education, the system verifies it quickly. Money is then deposited via SBI.
What's the difference compared to the current system?
Currently, an online advance claim under Rs. 5 lakh takes at least 3 working days. With the UPI system, claim processing will be faster, so you get money instantly for emergencies. This is a big change for PF members.
What could be the UPI withdrawal limit?
To prevent misuse, there might be limits initially, following RBI's UPI rules. You might not be able to withdraw the full PF amount at first. For now, the service is limited to the BHIM app but may expand later.
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