In a big development aimed at simplifying access to Provident Fund (PF) savings, the Employees’ Provident Fund Organisation (EPFO) is planning to introduce UPI (Unified Payments Interface) integration. This upgrade will allow members to withdraw their PF money instantly via UPI and ATMs, making the process faster and more convenient. According to Labour and Employment Secretary Sumita Dawra, this new feature is expected to roll out by the end of May or June after necessary testing.
Why UPI Integration Matters for EPFO Members
Currently, EPFO members cannot withdraw their PF funds using UPI. The proposed change will offer a seamless experience to around 7.5 crore active EPFO members who maintain their PF accounts and contribute regularly. Once UPI integration is live, users will be able to access their PF balance on the UPI platform, make instant withdrawals of up to ₹1 lakh, and choose which bank account to transfer their funds to.
Key Features of the New System
- Instant Withdrawals Up to ₹1 Lakh: Members will be able to withdraw up to ₹1 lakh instantly using the automated system.
- View PF Balance on UPI: Users can check their PF balance directly within the UPI app.
- Auto-Claims Processing: Eligible users will benefit from instant claim approvals, ensuring quick credit to their bank accounts.
- Flexibility in Withdrawals: Members can withdraw PF for various purposes, including housing, education, marriage, and medical emergencies.
EPFO has been working closely with the National Payments Corporation of India (NPCI) on this initiative. Suggestions from NPCI have been reviewed, and a proposal has already been submitted to EPFO. After successful testing, the UPI-based withdrawal service is expected to enhance user experience by speeding up transactions and reducing paperwork.
The launch of UPI and ATM-based PF withdrawals is seen as a game-changer in the digital financial landscape. It will reduce transaction time, make accessing funds easier, and give working professionals more control over their savings. By simplifying the withdrawal process, EPFO aims to improve financial inclusion and provide greater flexibility for its members.
With this system, EPFO members will no longer have to wait for days to access their PF money. Instant withdrawals, quick approvals, and the ability to view PF details in real-time will make managing PF savings easier than ever before. Whether it’s for buying a house, funding education, or dealing with unexpected expenses, members will have faster access to their hard-earned savings.
