Another big news for PF account holders. EPFO subscribers are in for a treat! No more lengthy procedures to withdraw money from your PF account. The government is rolling out a new feature that allows PF fund transfers via UPI, making the whole process quicker and simpler. With this upgrade, you’ll be able to pull cash directly from your PF account using popular digital payment apps like Google Pay, PhonePe, and Paytm.
UPI will speed up withdrawals
Reports say this new feature is set to launch in the next three months. EPFO and the National Payments Corporation of India (NPCI) are working together to create a system that automates and speeds up PF withdrawals through UPI. This means that employees in need can access their funds instantly during emergencies.
Previously, withdrawing PF money involved delays due to banking verifications and processes like NEFT or RTGS. But with UPI, everything will be digital and happen in real-time.
Once registered, subscribers can easily transfer money from their PF account straight to their digital wallet. This is a game-changer for employees who need quick access to their funds in urgent situations.
Withdrawing money from your PF account isn’t just about UPI anymore. The government is working on a new feature that will let you take out cash from ATMs using the EPFO 3.0 app. This could roll out around May to June 2025. Basically, you’ll get a debit card that allows you to access your PF funds at any ATM.