Good news for EPFO members. The Employees Provident Fund Organization (EPFO) is gearing up to roll out a new feature for its users soon. EPF subscribers will soon have the option to withdraw their funds via UPI. This means you can transfer your PF amount directly to your bank account from the comfort of your home using apps like Paytm, Google Pay, PhonePe, and others.
This new feature is set to benefit millions of EPFO customers. Reports suggest that the UPI integration for EPFO could be launched in the next 2 to 3 months. With this addition, withdrawing your PF amount will be quicker and more convenient.
How to withdraw money using UPI?
While the option to withdraw PF through UPI isn’t available just yet, here’s how it will work once it is.
First, download apps like Paytm, PhonePe, or Google Pay on your phone and link your bank account. When the feature goes live, look for the ‘EPFO Withdrawal’ option in the app. You’ll need to enter your UAN number, and you can choose to withdraw either the full amount or a partial amount based on EPFO rules for situations like medical emergencies, home loan repayments, or education costs.
Next, input the amount you wish to withdraw and follow the prompts. An OTP will be sent to your registered phone number; just enter it to confirm the transaction. After that, your PF funds will be transferred to your bank account or digital wallet.
Make sure to finish the KYC for your PF account
To take out your PF money, you need to have your KYC done. This involves providing your Aadhaar, PAN, and bank account details. You can check online to see if your KYC is all set. Just log into your PF account, and for more details, head over to the official EPFO website at epfindia.gov.in.
