EPFO UPI ATM PF Withdrawl: A very big and very important news is coming for crores of working people under EPFO. EPFO members will be able to withdraw PF money from their EPFO account not only ATMs but also through UPI. Labor and Employment Secretary Sumita Davra said that the Employees Provident Fund Organization (EPFO) is going to introduce UPI for Klein Processing, which aims to improve efficiency and reduce the transaction time. The Ministry of Labor and Employment has approved the recommendation of the National Payment Corporation of India (NPCI), which operates retail payments and settlement systems in India.
When will the facility to withdraw money from UPI and ATM
Sumita Davra said that EPFO members will soon be able to withdraw money from their PF account through UPI and ATMs by the end of May or June this year. He said, “By the end of May or June, members will see a transformational change in reaching their provident fund. They will be able to check the balance of their PF account directly on UPI. Along with this, they will be able to withdraw up to Rs 1 lakh immediately with the help of an automated system and can choose their favorite bank account for transfer.”
Withdrawing money from PF account as easy to do UPI
According to Labor and Employment Secretary Sumita Davra, options to withdraw money under the current rules for illness, home construction, children’s education and marriage have also been added. He said that more than 120 databases have been integrated to make the withdrawal process easier. The time taken in claim processing has come down to just 3 days. He said that now 95% of claims are automated and plans to make this process even easier. Let us tell you that just as UPI has completely changed the manner of payment across India, similarly to withdraw PF money for EPFO members through this new facility will also be as easy and fast as UPI.
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