Pf money withdrawal rules: A good news has come for millions of people working in all sectors in the country. EPFO subscribers will no longer have to think much to withdraw money from their PF account. They can withdraw PF money through UPI. The government is working on creating a system to process the claim of PF subscribers through the UPI platform.
According to the report of Financial Express, this new system can begin in the next 3 months. The government aims to improve transaction and claim process.
You can withdraw money through UPI
With the facility of withdrawing money from PF through UPI, fund transfer will be done quickly and easily. EPFO has spoken to NPCI for this. Preparations are being made to make this new facility available on UPI platforms like Google Pay, Phone Pay and Paytm. This will be especially beneficial for employees who want to immediately remove their PF in an emergency.
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You can easily transfer money
According to the report of Financial Express, after the registration is completed, users will be able to easily transfer money from digital wallet. This will take less time for processing and will provide better facilities to subscribers. This will also end the hassle of banking details and verification. EPFO subscribers will be able to withdraw money from the digital payment app directly, without waiting for NEFT or RTGS. RBI, Ministry of Labor and Banks are preparing to bring this facility soon.
Work is also being done on ATM withdrawal
The government is preparing to launch the EPFO 3.0 app by May 2025. This will provide banking facilities to EPFO subscribers and the entire system will be centralized. The process of claim settlement will also be easier than before. With this new update, subscribers will get the facility of debit card, through which they will be able to remove their PF funds directly from ATM.
