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Currently, EPFO members withdraw their funds through bank account transfers, which might take a few days for processing. The new system will enable UPI-based transactions, allowing instant fund transfers into the member’s linked UPI ID. EPF Withdrawal Via UPI: The Employees’ Provident Fund Organisation (EPFO) is working to simplify EPF withdrawals for its subscribers.
The organization is reportedly planning to introduce a facility that allows users to withdraw their Employees’ Provident Fund (EPF) claims directly through UPI platforms like GPay, PhonePe, and Paytm. This initiative aims to expedite the fund transfer process, making it smoother and faster for subscribers. Currently, withdrawals are processed through bank transfers, which can take several days.
With the proposed UPI integration, funds will be transferred instantly to the member’s linked UPI ID, according a report by Financial Times. The EPFO is currently in discussions with the National Payment Corporation of India (NPCI) to finalize the implementation details, as per FE report. The organization has prepared a blueprint for the plan and aims to launch the feature within the next 2-3 months.
Currently, EPFO members withdraw their funds through bank account transfers, which might take a few days for processing. The new system will enable UPI-based transactions, allowing instant fund transfers into the member’s linked UPI ID. This move will particularly benefit employees who need quick access to their PF savings during financial emergencies.
In the current financial year 2024-25 so far, the EPFO has already settled over 50 million claims with over 7.4 crore subscribers, disbursing more than Rs 2.05 lakh crore.
What Are Requirements For EPF Withdrawal? You can withdraw your EPF amount if you complete any following requirements: 1. At the time of retirement (On or after 58 years of age). 2.
If unemployed for two months of time. 3. Death before the specified retirement age.
Provident Fund (PF) account holders can now submit withdrawal claims online for up to 75% of their account balance or an amount equivalent to three months of their basic salary and dearness allowance, whichever is less. This withdrawal provision is a non-refundable advance. The Employees’ Provident Fund Organisation (EPFO) aims to process online claims within 72 hours, while offline claims may require up to 20 days for settlement.
Moreover, you can withdraw your PF amount in certain cases (which are mentioned below). Several PF Withdrawal Rules You Must Know: Medical Emergency Any PF member can withdraw funds for medical emergencies of the member, spouse, parent, or children. The withdrawal limit is either the employee’s share plus interest or 6 times the monthly salary (Basic + DA), whichever is lower.
Construction/Purchase of New House Employees who have served for a minimum of 5 years are eligible to withdraw 90% of their PF balance for the construction or purchase of a new house. Renovation of House Withdrawals for house renovation can be made after 5 years from the date of house construction. The permissible withdrawal limit is 12 times the employee’s monthly salary.
Repayment of Home Loan Employees can withdraw up to 90% of their PF balance for repayment of a home loan, provided they have completed at least 3 years of service. Wedding For the wedding of the member, sibling, or children, employees with a minimum of 7 years of service can withdraw 50% of their share plus interest..
