EPF Withdrawal Via UPI: Know About The Proposal, Conditions, And Benefits

The government is working towards a new initiative aimed at making it easier for people to withdraw their Employees Provident Fund (EPF) savings. Currently, the process appears to be frustrating, with many claims being rejected. In fact, last year, one in three final settlement claims was turned down. To address this, the government is considering letting people withdraw their EPF savings using their phone's UPI payment system or an ATM card. This would make the process faster and more convenient for you to access your money. Here's what you need to know about this new facility.

EPF Withdrawal Via UPI: How Does It Work

India's Employees' Provident Fund (EPF) is a savings plan designed for salaried employees. Withdrawing money from this facility used to be a hassle, requiring a linked bank account and a lengthy manual processing time. Fortunately, with the new UPI-based withdrawal system, you can now access your funds instantly, eliminating wait times and paperwork.

Benefits of EPF Withdrawal via UPI

The introduction of EPF withdrawal via UPI may offer the following benefits for employees:

Faster Access To Funds

Usually, it takes several days to get your EPF money due to various factors like bank verification and processing. However, with the new UPI withdrawal option, you can have your money transferred to your bank instantly.

Simplified Process

Withdrawing funds is now easier than ever. You don't need to fill out long bank forms or wait for approval. Just link your UPI ID and you're good to go.

Enhanced Security

UPI transactions are highly secure. They have multiple layers of authentication, which helps prevent fraud and keeps your money transfers safe.

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Eligibility Criteria For EPF Withdrawal Via UPI

Here are the following requirements one must fulfil to benefit from EPF withdrawal via UPI:

• A valid UPI ID linked to a bank account
• Aadhaar and PAN linked with EPFO
• Updated KYC details on the EPFO portal

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The EPFO will soon issue instructions on how to update your details to start using this new feature.

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