How to Withdraw PF Via UPI: Check Step by Step Process Here

The Employees' Provident Fund Organisation (EPFO) is set to change the way its subscribers can withdraw their funds. Looking to make transactions smoother and quicker, the EPFO is said to launch a facility to enable users to withdraw their Employees' Provident Fund (EPF) claims directly from UPI platforms such as Google Pay, PhonePe, and Paytm. This scheme promises to transfer funds immediately into the member's associated UPI ID, a huge improvement over the existing bank transfer mechanism that can take days to clear.

The Driving Force Behind UPI Integration

Now, EPFO members have to face delays because the withdrawals are settled through usual bank transfers. The planned integration with UPI aims to reduce such delays and grant instant access to money, which will prove highly useful during emergency financial needs. In the financial year 2024-25, already the EPFO has settled more than 50 million claims, making over ₹2.05 lakh crore payouts to more than 7.4 crore subscribers, underlining the requirement of an improved system.

Step-by-Step Process (Future Implementation)

Although the UPI-based withdrawal system is yet to be rolled out, here is a step-by-step guide based on the suggested framework:

1. Access UPI Platform: Open your preferred UPI app (e.g., Google Pay, PhonePe, or Paytm) and navigate to the ‘EPFO Withdrawal’ option (once integrated).
2. Enter UAN: Input your Universal Account Number (UAN) linked to your EPFO account.
3. KYC Verification: Ensure your Know Your Customer (KYC) details, including Aadhaar, PAN, and bank account information, are verified and up-to-date.
4. Select Withdrawal Type: Choose the type of withdrawal you require. This could be a full withdrawal (typically after retirement or unemployment) or a partial withdrawal for specific reasons like medical emergencies, home loan repayment, or education expenses.
5. Enter Amount: Input the amount you wish to withdraw, keeping in mind the EPFO’s withdrawal limit guidelines for different scenarios.
6. Authentication: Authenticate the transaction using a One-Time Password (OTP) sent to your registered mobile number.
7. Instant Transfer: Upon successful verification, the withdrawn amount will be instantly credited to your linked UPI ID or digital wallet.

Current Withdrawal Requirements and Conditions

While we await the UPI-enabled withdrawals, it's essential to know the current requirements for EPF withdrawals. You can withdraw your EPF amount under the following conditions:

• Retirement: On or after the age of 58 years.
• Unemployment: After two months of unemployment.
• Death: Prior to the prescribed retirement age (amount is then available to the nominee).

Additionally, Provident Fund (PF) account holders may now apply online for withdrawal of up to 75% of their account balance or three months' basic pay and dearness allowance, whichever is lower. This withdrawal facility is a non-refundable advance.

Current Withdrawal Process (Until UPI Integration)

Until the UPI feature is launched, you can withdraw your PF using the existing online method:

1. Log in to EPFO e-SEWA Portal: Visit the portal and enter your UAN and password.
2. Verify KYC Details: Ensure your Aadhaar, PAN, and bank details are linked.
3. Navigate to ‘Online Services’: Click on ‘Claim (Form-31, 19, 10C & 10D)’.
4. Select Withdrawal Type: Choose full withdrawal, partial withdrawal, or pension withdrawal.
5. Submit Claim Request: Enter bank details, upload required documents (if needed), and submit.
6. Approval & Fund Transfer: The claim will be processed within 7-15 working days

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Current EPFO Processing Time

The Employees' Provident Fund Organisation (EPFO) seeks to settle online claims in 72 hours, while offline claims can take up to 20 days for settlement.

Looking Ahead

The EPFO is negotiating with the National Payment Corporation of India (NPCI) to seal the details of implementing the UPI withdrawal facility. With the rollout of this feature expected in the next 2-3 months, EPF subscribers can expect a smoother and more convenient means of accessing their money. This will especially help employees who require immediate access to their PF corpus in case of financial crises.

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