After a long wait, there is welcome news for millions of EPFO account holders across the country. People will no longer have to face lengthy processes or long waits to withdraw their Provident Fund (PF) money. Under the proposed plan—provided everything proceeds on schedule—EPFO members will be able to receive their PF funds directly into their UPI-linked bank accounts via BHIM UPI starting next month (September). This new facility aims to make the claim settlement process faster, digital, and more convenient than before.
However, account holders must understand that receiving funds via UPI does not mean they can withdraw PF money at any time or for any reason. Existing rules and eligibility criteria regarding PF withdrawals will remain unchanged. This change is limited to simplifying the payment method and the claim process. Here is a look at how this new facility will work and the benefits it offers to PF account holders.
**Expectation of receiving PF money via UPI within a month**
Official sources from the Ministry of Labour have indicated that this system is expected to be implemented within just one month. This move is part of an effort to modernize EPFO services and improve the experience for both employees and employers.
**How will UPI connect with EPFO?**
Please note that to receive EPFO funds via UPI, you will need to activate the feature. You will need to follow these steps:
Once the UPI withdrawal module is activated, subscribers will need to visit the EPFO portal.
They will then need to link and activate UPI with their savings bank account.
Subsequently, PF funds can be transferred directly to the bank account via UPI.
Once the funds are transferred, you can visit a nearby ATM and withdraw the PF amount using your debit card.
An official clarified that once the PF money reaches your bank account, the method of withdrawing that amount is entirely up to you.
Disclaimer: This content has been sourced and edited from NDTV India. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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