Big news for EPFO members. Soon, you’ll be able to withdraw your EPFO deposits directly from ATMs. This new feature will also allow withdrawals through popular UPI apps like PhonePe and G Pay, making the process much more convenient.
Reports indicate that EPFO is aiming to roll out this service within the next two months, with discussions already taking place with NPCI. A detailed plan is in place, and once it’s launched, users will find it easy to access their funds through platforms like Gpay, PhonePe, and Paytm.
Currently, the withdrawal process involves bank transfers, which can take several days. However, with the introduction of UPI withdrawals, customers will receive their money instantly, providing a quick solution during financial emergencies.
It’s worth mentioning that this financial year alone, EPFO has settled accounts for 5 crore individuals. Once the new system is implemented, funds will be transferred to the digital wallets linked to UPI. EPFO is also enhancing its IT infrastructure to ensure a smooth experience for customers when they make claims.
The new system is set to roll out UPI-based transactions, making it super easy to transfer money directly to a member’s linked UPI ID. This is a game changer for employees who might need to access their savings quickly during emergencies. So far in the financial year 2024-25, EPFO has processed over 5 crore claims from more than 7.4 crore members, disbursing over Rs 2.05 lakh crore in payments.
Here’s how the UPI EPF feature will work:
– With UPI, transactions can be settled instantly, cutting down the usual wait time of two to three working days.
– It simplifies the process by removing the need for detailed banking info and lengthy verifications.
– After the UPI feature is implemented, EPFO customers can use popular digital payment apps like PhonePe, Google Pay, Bhim, and Paytm for direct credits.
– No more waiting for bank NEFT or RTGS transfers; the withdrawal amount will be credited in real time.