There is good news for crores of EPFO members. Now they will not have to bother to withdraw money from their PF account. Actually, the government is planning to simplify EPF withdrawal. Soon EPFO shareholders will be able to withdraw money directly from their PF account through UPI and ATM. According to the report, the Employees Provident Fund Organization (EPFO) has prepared a blueprint for the scheme and is talking to the National Payment Corporation of India (NPCI) to implement this facility. The report said that if everything happens according to the plan, then this facility can be live on the UPI platform in the next 2-3 months.
The PF withdrawal process will become faster and easier.
After UPI integration, EPFO members will be able to get their claim amount directly in their digital wallet, which will make the withdrawal process faster and easier. Let us tell you that the Executive Committee of the Central Board of Trustees (CBT) of EPFO has approved a plan to integrate itself with the Integrated Payment Interface (UPI) of the Retirement Fund Body. According to official sources, in the meeting held earlier this week, the committee was informed about the outline through which the customer will withdraw its project through UPI platform. On Friday, the CBT (Central Board of Trustees) of EPFO can also approve such structure. According to the report of Financial Express, an official said the facility will be started by the end of April or early May. The National Payment Corporation of India (NPCI) is investigating technical aspects but is ready to implement the plan.
Benefits of EPF withdrawal through UPI?
With the facility of UPI for PF withdrawal, it will be very easy for people to withdraw your money. He will be able to use his savings immediately. This feature will be very convenient for members living in remote areas.
The EPF withdrawal process, which currently takes about 7 days to complete, can be completed in a few hours or minutes after the implementation of UPI integration facility.
Another advantage of this facility will be that the possibility of rejecting the claim will be reduced and more transparency will come in the transaction.
However, no official announcement has been made by the EPFO regarding this facility yet. More information will be available only when the EPFO issues a formal notification in this regard.
You can also withdraw PF money through EPFO ATM.
Apart from this, EPFO will also provide ATM withdrawal facility to its members under the EPFO 3.0 program. After the commencement of this facility, the PF amount can be withdrawn immediately without any long process. EPFO ATM will be a new feature through which EPFO customers will be able to remove their Provident Fund (PF) directly from the ATM. The purpose of EPFO 3.0 is to improve the user experience, provide easy access to your savings and reduce paperwork.
How will EPFO ATM work?
The EPFO ATM card will act exactly like a debit card. To withdraw money, you have to first link your UAN, verify OTP and then withdraw money. Through this facility, you will be able to withdraw your PF money without waiting for the approval of your employer.
Important things related to EPF withdrawal
If you want to withdraw money from your EPF account then you should know that there are some conditions and limitations. In certain cases only PF money can be withdrawn, such as medical emergency, purchase of houses, repaying loans or PF money can be withdrawn. Let us understand it in detail:
Medical Emergency: Any EPF member can withdraw money when he needs money for the treatment of himself, his spouse, parents or children. In this, you can withdraw an amount equal to your contribution and interest or 6 times your monthly salary, whichever is low.
To buy or build a new house: If you have worked for at least 5 years, you can remove up to 90% of your EPF balance.
For renewal of home: 5 years after building a house, you can withdraw up to 12 times the monthly salary to meet repair or renewal costs.
To repay home loan: If you have completed at least 3 years of service, then up to 90% of the EPF balance can be used to repay home loan.
For marriage expenses: If you have completed 7 years of service, you can withdraw up to 50% of your marriage, siblings or children’s marriage and 50% of interest.
To withdraw money from EPF, all conditions and necessary documents should be found in advance in advance so that there is no problem later. EPF money is to improve your retirement life, so it should be withdrawn only when it is very important. Use your future saving wisely.