EPFO New Update:- Good news for EPFO members is on hand! The EPFO deposits made at the end of May or the beginning of June can be withdrawn using UPI. The unique aspect is that EPFO members could be able to withdraw up to one lakh rupees.
EPFO New Update:- Regarding finances, the government is rapidly turning to digital solutions. One living model of this is UPI. It has not only worked well in India but has also been embraced by numerous nations worldwide. It is now intended to be used in many more projects. News also indicates that you will be able to withdraw EPFO funds via UPI in the next few months. Work on this is proceeding quickly, and June is thought to be the month this system will initiate. Let us additionally inform you of the kind of planning that has lately gained importance.
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EPFO New Update: Funds Will Be Withdrawn Using UPI
Turning now to the digital sphere, the Employees Provident Fund Organisation (EPFO) is getting ready to launch a UPI-based claim system. Members of EPFO will be able to quickly withdraw their provident fund through this method. Providing information, Labour and Employment Secretary Sumita Dawra remarked that this move is being done to increase efficiency and reduce transaction time. Dawra said in an ANI interview that the facility will open by the end of May or June, significantly altering the access to savings among EPFO members.
EPFO New Update :Withdrawal of Up to One Lakh Rupees
Following the required tests, we aim to open the UPI frontend for EPFO claims by the end of May, she stated. Since each member would be able to access their EPFO account directly through the UPI interface and create auto-claims, this will help all members. If the customer is eligible, the approval process will be swift, enabling money to appear instantly in their account. Through the auto mechanism, members will be able to withdraw up to Rs 1 lakh quickly and select their preferred bank account for transfer, Dawra informed ANI.
EPFO New Update Revaluation
Currently, EPFO members must follow a 2-3 day claim procedure. Once the UPI integration starts, withdrawals should be completed in a few hours or minutes. Just as UPI transformed digital payments in India, this facility is expected to revolutionize the Provident Fund process.
Besides faster withdrawals, EPFO has also expanded the scope of fund applications. Along with the existing illness clauses, members can now withdraw money for marriage, education, and housing. To enable this transformation, EPFO has undergone a significant digital overhaul. Over 95% of claims are already automated, and more than 120 databases have been integrated to expedite the claim process. The goal is to further streamline the procedure, reducing delays and paperwork.
EPFO New Update Members Can Now Withdraw Up to Rs 1 Lakh Using UPI – FAQs
1. What is the latest update on EPFO withdrawals?
EPFO members can now directly withdraw up to Rs 1 lakh from their EPF (Employees’ Provident Fund) account using UPI (Unified Payments Interface). This new facility will make the process faster and more convenient.
2. When will this facility be available?
Although the exact date will be announced by EPFO soon, this service is expected to be available by March 2025.
3. What is UPI, and how does it benefit EPFO withdrawals?
UPI (Unified Payments Interface) is a digital payment system that allows users to transfer money directly between bank accounts using a mobile phone. With UPI integration, EPFO members can withdraw money directly from their EPF accounts to their linked bank accounts.
4. Who can access the UPI withdrawal facility?
Any EPFO member with a valid UPI ID linked to their bank account and meeting the eligibility criteria (such as retirement, job change, or other approved reasons) can use this facility.
5. How much can I withdraw using UPI from my EPFO account?
EPFO members can withdraw up to Rs 1 lakh from their EPF account via UPI.
6. What are the requirements to withdraw money via UPI?
You need a valid UPI ID linked to your bank account. Your EPFO account should also be active, and the withdrawal request must meet EPFO’s eligibility criteria.
7. How can one withdraw money via UPI?
The process will be simple. EPFO members need to log in through the EPFO Member Portal or the UMANG App, select UPI as the withdrawal option, enter the necessary information, and verify their UPI ID. The funds will be directly transferred to the member’s linked bank account.
8. Is there a charge for withdrawing via UPI?
Currently, there are no charges for withdrawing EPFO funds via UPI. However, it is advisable to check for any updates from EPFO regarding this.
9. Will the UPI withdrawal system be faster than the traditional methods?
Yes, the UPI withdrawal system will be much faster than traditional methods like cheque-based or NEFT transfers, which can take several days. UPI transfers are typically completed within a few hours or instantly.
10. Can I withdraw more than Rs 1 lakh from my EPFO account using UPI?
No, UPI withdrawals are capped at Rs 1 lakh. For amounts exceeding this limit, you must use other withdrawal methods like bank transfer or cheque.
11. Can I withdraw my entire EPF balance using UPI?
No, you can only withdraw up to Rs 1 lakh via UPI. For larger amounts, follow the conventional withdrawal process as per EPFO guidelines.
12. Will UPI withdrawals be available 24/7?
While the UPI-based withdrawal option is expected to be available round-the-clock, the official operational hours will be confirmed once EPFO formally launches the service.
13. Is the UPI withdrawal system secure?
Yes, UPI is a highly secure payment system widely used across India. EPFO withdrawals via UPI will follow the same security protocols to protect your funds.
14. Can I use the UPI withdrawal facility if I am outside India?
Currently, UPI services are only available within India. EPFO may release further updates regarding potential international access in the future.
