Are you also an EPFO member? Then major update is waiting for you. The Employees’ Provident Fund Organization (EPFO) is about to roll out a new feature that lets customers withdraw money using UPI. This means you’ll soon be able to transfer your PF balance directly to your bank account through apps like Paytm, Google Pay, and PhonePe right from your home. This new option is set to help millions of EPFO users.
Reports suggest that EPFO has already mapped out the plan for UPI integration, and we could see this feature go live in the next couple of months. With this new system, withdrawing your PF funds will be quicker, and if you need cash urgently, it’ll be super easy to get.
So, how will you withdraw money using UPI?
While the UPI withdrawal feature isn’t available just yet, here’s how it will work once it’s launched:
1. First, download apps like Paytm, PhonePe, or Google Pay on your phone and link your bank account.
2. If you’re already using one of these apps, you don’t need to download anything new.
3. Open the app and look for the ‘EPFO Withdrawal’ option, which will show up once the feature is active.
4. Enter your UAN number and select the type of withdrawal you want. You can choose to withdraw either the full amount or just a portion of it.
5. A partial withdrawal can be for things like medical emergencies, home loan payments, or education costs, according to EPFO guidelines.
6. Input the amount you want to withdraw and follow the prompts.
7. You’ll receive an OTP on your registered phone number. Enter that OTP to confirm your transaction.
8. After that, the PF funds will be transferred instantly to your bank account or digital wallet.
You need to finish your KYC to withdraw your PF money. KYC involves providing your Aadhaar, PAN, and bank account details. You can check online if your KYC is all set by logging into your PF account. For more details, head over to the official EPFO website at epfindia.gov.in.