EPFO: This information is incredibly beneficial for millions of PF account holders nationwide. Soon, with the assistance of the BHIM app, you will be able to withdraw funds via UPI. In collaboration with NPCI, the amount will be credited instantly to your UPI-linked account through SBI after the bank verifies it. It’s not uncommon for individuals to find themselves in need of cash while working. They can access their PF (EPFO) account funds by completing an online form. This method will soon become the norm, as you’ll have the ability to withdraw money from your PF account through UPI whenever necessary.
EPFO: Until when can you withdraw money?
As per the latest media reports, the EPFO withdrawal service is set to launch shortly, expected by the first week of May.
Which app will facilitate your money withdrawal?
You will be able to withdraw funds from your PF account using the BHIM app. Here, you will notice two types of balance amounts. One is ‘Eligible Balance’ and the other is ‘Minimum Balance’. The ‘Eligible Balance’ represents the amount you can withdraw from your PF account right away, while the ‘Minimum Balance’ is the 25 percent portion that you must keep in your PF account.
What is the maximum amount you can withdraw?
While you can withdraw up to 75 percent of the total amount deposited in your PF account, it is mandatory to retain 25 percent of the funds. Initially, PF account holders will be limited to withdrawing only Rs 25,000 per transaction. This limit has been established for security reasons, and it may be increased in the future.
EPFO’s new mobile app will be launched soon
According to a media report, the EPFO will launch a new mobile app. Through this, members will be able to withdraw money using the UPI gateway .epfo upi withdrawal) and avail other services like passbook balance. Currently, members use either the Universal Account Number (UAN) portal or the ‘UMANG’ app to access their EPF accounts and avail services.
However, these services will continue to be available on both platforms, while the new dedicated app will improve accessibility for EPFO subscribers. Subscribers will be able to view their eligible EPF balances available for transfer to their bank accounts through the mobile app. They will be allowed to use their added UPI PIN to complete the transaction, ensuring secure transfer of funds between bank accounts.
