EPFO: From when will you be able to withdraw PF money using UPI, and what will be the limit?

EPFO: The Employees' Provident Fund Organisation (EPFO) is set to make a major change to its system, after which withdrawing PF money will become almost as easy as sending money to someone via mobile. Yes, you will soon have the facility to withdraw PF funds through UPI (Unified Payments Interface).

When will the facility start?
According to the latest information, EPFO ​​is preparing to implement this new system within the next two to three months. For this, EPFO ​​has partnered with the National Payments Corporation of India (NPCI). According to the plan, this facility will initially be available on the BHIM app. A request will have to be submitted through the app, and after verification, the money will be directly credited to your account.

Money will be credited directly to the bank account
Currently, even online advance claims of less than Rs 5 lakh take at least three working days to process in 'auto-mode'. If the amount is larger, it takes even longer due to manual processing. But the new UPI system will eliminate this waiting period.

As soon as a member submits a claim for approved categories such as illness, children's education, or marriage, the EPFO ​​system will instantly verify and authenticate it in the backend. If everything is found to be correct, the money will be instantly transferred to your UPI-linked bank account through the State Bank of India (SBI).

What will be the limit?
Officials have clarified that some restrictions may be imposed initially to prevent misuse of this facility. Since the Reserve Bank of India (RBI) has set certain limits for UPI transactions, PF withdrawals will also be subject to those rules.

According to an official, the entire permitted amount will not be withdrawable through the BHIM app initially. A limit will be set for this, although the final decision on the limit is yet to be made. Initially, this service will only be available on the BHIM app, but if everything goes well, this facility will also be extended to other fintech apps like Paytm, PhonePe, and Google Pay.

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