EPFO New Facility: This is great news for millions of salaried employees in the country. The Employees’ Provident Fund Organisation (EPFO) is making it even easier to withdraw PF advances. Soon, employees will be able to receive their PF money instantly in their bank accounts through the BHIM UPI app. This facility will prove very helpful, especially during emergencies.
This digital transformation will benefit approximately 300 million PF members across the country. Currently, EPFO has over ₹26 lakh crore in PF funds, and efforts are being made to make the process even simpler and more user-friendly.
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What is EPFO’s new facility?
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EPFO, in collaboration with NPCI, has developed a system where members can claim advances in certain circumstances through the BHIM app, such as for health issues, education, marriage, or any emergency. As soon as the claim is filed, EPFO will verify it in the backend, and if everything is correct, the amount will be transferred directly to the member’s bank account linked to their UPI ID. This transfer will be facilitated through the State Bank of India. This means that just like withdrawing money instantly from an ATM, PF money will now be available instantly. Initially, this facility will be available only on the BHIM app, but in the future, it may be made available on other UPI-based fintech apps as well.
What will be the benefits for PF account holders?
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Currently, withdrawing PF advances takes considerable time. For example, if a member claims up to ₹5 lakh in auto mode, it takes at least 3 working days. Larger amounts or manual claims take even longer. In emergencies, such as illness or urgent expenses, this delay causes problems. With the new facility, the money will reach the account instantly, providing relief to people.
When will this facility start?
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Initially, withdrawing the entire PF balance will not be permitted. Withdrawals will be subject to limits as per the RBI’s UPI transaction limits to prevent misuse. The exact amount that can be withdrawn instantly is yet to be decided, but EPFO is working on it. According to officials, there may be some risks involved in providing instant payments, so the system will be strengthened gradually. This facility is expected to be launched in the next 2-3 months.
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This move is part of EPFO’s digital transformation. The organisation aims to make every PF-related service faster and easier. This facility will be very helpful for the millions of employees who diligently contribute to their provident fund. While this process previously took several days, it will now be completed in minutes. This will save time and increase public trust. This initiative by EPFO demonstrates that the government and the organisation are serious about improving employee convenience. More such facilities are expected in the future. Overall, this will prove to be a great boon for millions of families and will strengthen their financial security.