From Days to Minutes: EPFP Plans Withdrawal Through UPI Soon; Check Details
The Employees' Provident Fund Organisation (EPFO) is soon launching a facility to withdraw PF money via UPI. This service will start in the next two-three months through the BHIM app, helping users get money instantly in their bank accounts.
PF withdrawal via UPI
EPFO: The EPFO is making a big change, making PF withdrawal as easy as sending money via mobile. Soon, you'll be able to withdraw your PF funds using UPI.
When will this facility start?
EPFO is set to roll out this new system in the next 2-3 months, partnering with NPCI. Initially, the service will be available on the BHIM app for instant fund transfers.
Money will be directly deposited into your bank account
The current system takes at least three days for online claims under ₹5 lakh. The new UPI system will get rid of this long wait, making the process much faster.
Benefit of instant withdrawal
Once a member submits a claim for approved reasons like illness or education, the EPFO system will instantly verify it. If correct, money is sent to your UPI-linked account.
What will be the limit?
To prevent misuse, initial limits will apply, following RBI's UPI rules. A withdrawal cap is planned but not finalized. The service will start on BHIM and may expand later.
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