Are you also an EPFO member? Then this news is for you. The Employees’ Provident Fund Organization (EPFO) is set to introduce a new feature that allows customers to withdraw funds via UPI. This means you will soon be able to transfer your PF balance directly to your bank account using apps like Paytm, Google Pay, and PhonePe from the comfort of your home. This new service is expected to benefit millions of EPFO members.

 

Reports indicate that EPFO has already developed a plan for UPI integration, and this feature could be launched within the next 2 to 3 months. With this enhancement, the process of withdrawing PF funds will be quicker, making it easier for those who need immediate access to their money.

 

How will the UPI withdrawal process work?

 

While the option to withdraw PF funds through UPI is not yet available, here’s how it will function once it is:

 

1. First, download apps like Paytm, PhonePe, or Google Pay on your smartphone and link your bank account. If you already use one of these apps, you don’t need to download another. Simply open the app and look for the ‘EPFO Withdrawal’ option, which will be available once the service is launched.

 

2. Next, enter your UAN number and select the type of withdrawal you wish to make. You can choose to withdraw either the full amount or a portion of your PF balance, which can be used for medical emergencies, home loan repayments, or educational expenses, as per EPFO guidelines.

 

3. Enter the amount you want to withdraw and follow the prompts to continue.

 

4. You will receive an OTP on your registered mobile number. Enter the OTP to confirm your transaction. After this step, the PF funds will be transferred instantly to your bank account or digital wallet.

 

KYC Completion Required

 

To withdraw your PF money, it is essential to complete the KYC process for your PF account. This includes providing your Aadhaar, PAN, and bank account details. You can check your KYC status online by logging into your PF account. For further information, please visit the official EPFO website at epfindia.gov.in.

 

When can this facility start?

 

EPFO is in talks with National Payment Corporation of India (NPCI) to enable withdrawal of PF money through UPI. This facility is expected to start in the next 2 to 3 months. After its launch, EPF subscribers will be able to withdraw their money easily.