Now You Can Withdraw Your PF Funds Through UPI, EPFO is Launching a New Special App

A major step is being taken towards making digital services faster and easier in the country. The Employees’ Provident Fund Organisation is developing a new mobile app for its members, which is expected to significantly simplify and speed up the process of withdrawing funds from their provident fund. Once this new digital system is implemented, PF account holders will be able to withdraw a portion of their funds directly from their accounts through UPI. This app is expected to be released in April.

According to the news agency Press Trust of India, the main objective of this initiative is to make services completely digital and reduce the time required for PF withdrawals. This will provide immediate financial assistance to millions of employees.

EPFO is launching a new app

This project, underway at the Ministry of Labour and Employment, is ensuring that a minimum balance will be maintained in PF accounts. Furthermore, the remaining balance can be transferred to a bank account via UPI. The new app will also allow PF members to check their account balance.

Currently, the UAN portal or the Umang app is used to check PF balances or withdraw funds. The new app will not replace these platforms but will instead work in conjunction with them to make services faster and simpler.

Trials and Technical Preparation of the New System

Currently, this digital system is being tested on a limited scale. The technology is being tested on approximately 100 dummy accounts to address any technical issues before launch. Currently, PF withdrawals require filing a withdrawal claim, which sometimes takes time to complete.

However, electronic claims are settled within three days through the auto-settlement system. The new UPI-based system is expected to make this process almost instantaneous.

EPFO’s facilities will be faster

EPFO has already increased the auto-settlement withdrawal limit to Rs 5 lakh. This will enable members to quickly access funds for essential expenses such as illness, education, marriage, or house construction.

The EPFO has approximately 80 million members in the country. The auto-settlement service was launched during the COVID-19 pandemic to provide immediate financial assistance to individuals in emergencies. The new app is considered the next step towards making this system more modern and faster.

About the Author

Rohit P

My name is Rohit Pal, and I have been working in the field of journalism for the past five years. During this time, I have written on a variety of topics, including business, automobiles, technology, and politics. I have worked with several major organizations and am currently working with Timesbull.

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