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Now the question is coming in the mind of many people that through which UPI apps PF will be withdrawn.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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In today’s digital era, most of us use online payment, whether to buy some goods at the shop, pay bills or send money to someone, everything is now done from mobile and apps. But many times there are also places where only cash runs. In such a situation, we have to go to the bank or ATM. In such a situation, if you do not have a debit card or have been lost, now you can withdraw money from Aadhaar card. Let us know how to withdraw money deposited in the bank from Aadhaar card?

How can we withdraw money from Aadhaar card?

With Aadhaar card, you can withdraw money deposited in the bank with the help of Aadhaar enabled payment system i.e. AEPS. AEPS i.e. Aadhaar enabled payment system is a system that has been introduced by the National Payments Corporation of India (NPCI). Through this, you can withdraw money from the bank by using only your Aadhaar number and fingerprint, you can check, check the balance or also remove a mini statement. In this system you do not need an ATM card, neither need to enter a PIN or OTP nor do you have to face long process. But it is important that your Aadhaar card should be linked to your bank account.

How to withdraw money from Aadhaar?

1. Go to the nearest banking correspondent or micro ATM: This person is sitting in a shop or in a bank’s mini branch, which is also called BC Agent. These people do transactions from portable machines (Micro ATM).

2. Enter your Aadhaar number: Insert your 12 -digit Aadhaar number in the BC Agent machine.

3. Give fingerprint: Put your finger in a fingerprint scanner. This will mix your identity with the Aadhaar database.

4. Select transaction option: Choose a cash withdrawal option.

5. Enter the amount: Enter the amount of money you want to withdraw.

6. Complete transactions: You will get money as soon as you are identified with finger. The SMS of transaction will also come to your registered mobile number.

Necessary things to withdraw money from AEPS

1. Your bank account should be linked to Aadhaar card.

2. Only the account will work which is a link to Aadhaar as a primary account.

3. Transaction requires fingerprint, not OTP or PIN.

4. How many times you can withdraw money in a day, it depends on every bank’s own limit.

5. The RBI has not set any special limit, but most banks allow only up to 50,000 for safety. This limit can also change, so definitely get information from your bank.

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