By Admin 
PF Withdrawal By UPI: There are crores of employees in the country whose money is deposited in PF account. This PF amount becomes the biggest support on occasions like change of job, emergency expenses, illness, studies or marriage. But till now withdrawing PF has been a long process. Forms, verification and waiting for several days. Now preparations have been made to change this system.
Employees Provident Fund Organization is going to bring such a feature. Due to which it will become almost equally easy to withdraw PF money. As much as sending money to someone through UPI. That is, open the mobile app, put a request and the money goes directly into the bank account. This change can prove to be a big relief for PF account holders. Know from which UPI apps you can withdraw money.
When will the facility start?
EPFO is preparing to launch UPI based PF withdrawal system within the next two to three months. For this, technical framework is being prepared in collaboration with National Payments Corporation of India. In this new process, PF account holders will be able to submit withdrawal request through UPI app. After this the EPFO system will verify the details in the backend.
As soon as the information related to Aadhaar, bank and PF account is found correct, the process will be taken forward. Officials believe that this system will significantly reduce the time taken in claim processing and users will also find tracking easier.
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Money will come directly into bank account
As of now, if an online advance claim of less than Rs 5 lakh is made. Even in auto mode it takes at least three working days to complete the process. For larger amounts, it takes more time due to manual processing. The new UPI system will almost end this wait.
As soon as a member submits a claim in a valid category like illness, treatment, children’s education or marriage. EPFO’s system will check it immediately. If everything is correct, the amount will be transferred directly to the bank account through State Bank of India, which will be linked to UPI. This means that as soon as the claim is approved, the money can appear in the account almost immediately.
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From which apps will you be able to withdraw money?
Now the question is coming in the mind of many people that through which UPI apps PF will be withdrawn. So let us tell you that initially the facility of PF withdrawal will be made available only on BHIM app. According to officials, there will be no permission to withdraw the entire amount in the first stage. A limit will be set for this. On which the final decision is yet to be taken. This limit will be decided keeping in mind the UPI rules of Reserve Bank of India.
The objective is that the system remains safe and there is no misuse of any kind. If everything goes well in the initial phase, then later this facility can also be started on other big UPI platforms like Paytm, PhonePe and Google Pay. This means that in the coming time, withdrawing PF can become equally easy. As much as making everyday digital payments.
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