EPFO A major and important news has come out for crores of salaried people under the Employees Provident Fund Organization. EPFO members will now be able to withdraw money from their PF account not only from ATM but also with the help of UPI. Labor and Employment Secretary Sumita Davada said that EPFO is going to start UPI for claim processing, which aims to improve efficiency and reduce transactions. The Ministry of Labor and Employment has approved the recommendation of the National Payment Corporation of India (NPCI), an organization that manages retail payment and disposal system in India.
EPFO: Now PF's money will be withdrawn from UPI as well as ATM, know when the facility will start
News Update | March 28, 2025 1:24 AM CST
When will the facility of withdrawing money from UPI and ATM start?
Sumita Davada said that EPFO members will be able to withdraw money from their PF accounts with the help of UPI and ATM by late May this year or by June. He said, “By the end of May or June, members will see a transformational change in access to their provident fund. They will be able to check the balance of their PF account directly on UPI. Along with this, with the help of an automated system they will be able to withdraw up to Rs 1 lakh immediately and choose their favorite bank account for transfer.”
It will be easier to withdraw money from PF account from UPI
According to Sumita Davada, the option of withdrawing money under the current rules for illness, house construction, children's education and marriage has also been included in this facility. He said that more than 120 databases have been integrated to simplify the withdrawal process. The time taken in claim processing has now come down to only 3 days. He said that now 95% of claims are automated and plans to make this process even easier. It is worth noting that just as UPI has completely changed the method of paying in India, similarly this new facility will make PF money for EPFO members to make PF money as easy and fast as UPI.
The Post EPFO: Now PF's money will be withdrawn from UPI as well as ATM, know when the facility will start first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
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