The Employees’ Provident Fund Organisation (EPFO) is set to launch a major digital initiative for millions of salaried employees across the country. To simplify the process of withdrawing money from the provident fund, EPFO is preparing to introduce a UPI-based instant withdrawal system. Under this facility, EPFO members will be able to claim PF advances instantly through the BHIM UPI app. This facility is expected to be launched within the next two to three months, directly benefiting over 300 million members.
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How to Withdraw PF Money via BHIM UPI
Under the new system, EPFO has partnered with the National Payments Corporation of India (NPCI). Members will be able to request PF advances on the BHIM app for health, education, marriage, or other valid reasons. Once the claim is submitted, it will be verified and processed in EPFO’s backend system. If all the information is found to be correct, the approved amount will be transferred directly to the member’s bank account linked to their UPI ID. State Bank of India will play a crucial role in the payment settlement process.
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Facility Similar to ATM Withdrawal
This new EPFO system will offer a facility somewhat similar to withdrawing money from an ATM. Members will be able to get cash instantly when needed, providing significant relief in emergencies. Currently, withdrawing PF money involves a lengthy waiting period; however, the UPI-based system will virtually eliminate this delay.
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Limits May Be Imposed on Instant Withdrawals
However, some limitations may be imposed on this facility. In the initial phase, withdrawal of the entire PF amount may not be allowed. The maximum limit for instant withdrawals may be set keeping in mind the limits set by the RBI on UPI transactions. According to EPFO officials, the system will be gradually strengthened, considering the risks associated with instant payments.
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Current PF Withdrawal Process
Currently, withdrawing PF advances from EPFO is a time-consuming process. Even claims up to five lakh rupees in online auto mode take at least three working days. This time increases further for larger amounts or cases requiring manual verification. In this situation, the facility of instant PF withdrawal through the BHIM app will prove to be a great relief for employees.
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EPFO’s Major Digital Transformation
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EPFO, which manages a PF fund of over ₹26 lakh crore, is continuously working towards becoming more digital and transparent. The UPI-based instant withdrawal system is part of this transformation, which will make EPFO’s services faster, more secure, and more reliable.