EPFO: Employees Provident Fund Organization (EPFO) is going to make a major change in its system, after which withdrawing PF money will become almost as easy as sending money to someone through mobile. Yes, soon you will get the facility of PF withdrawal through UPI.
According to the latest information, EPFO is preparing to implement this new system within the next two to three months. For this, EPFO has partnered with National Payments Corporation of India (NPCI). According to the plan, initially this facility will be made available on 'BHIM App'. You have to submit the request through the app and after verification, the money will come directly into your account.
Talking about the current system, it takes at least three working days to settle online advance claims of less than Rs 5 lakh in 'auto-mode'. However, if the amount is large then it takes even more time due to manual processing. But the new UPI system will end this wait.
As soon as a member submits a claim for permitted categories like illness, children's education or marriage, EPFO's system will immediately verify and authenticate it at the backend. If everything is found correct, the money will be instantly transferred to your UPI linked bank account through State Bank of India (SBI).
Officials have clarified that some restrictions may be imposed initially to prevent misuse of this facility. Since the Reserve Bank of India (RBI) has set some limits for UPI transactions, PF withdrawal will also be within the same rules.
According to an official, at present the entire permitted amount cannot be withdrawn through BHIM app. A limit will be set for this, although the final decision on what this limit will be is yet to be taken. Initially this service will be available only on BHIM app, but if everything goes well, this facility will be extended to other fintech apps like Paytm, PhonePe, Google Pay also.
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