PF Withdrawal via UPI Likely to be Enabled Soon
The Employees’ Provident Fund Organisation (EPFO) is set to revolutionize the way employees withdraw their PF money. With the upcoming EPFO 3.0 upgrade, employees will be able to withdraw their PF funds instantly via UPI (Unified Payments Interface) apps like PhonePe, Google Pay, Paytm, and BHIM. This development is expected to simplify the process of PF withdrawal, eliminating the need for long approvals and paperwork.
Currently, withdrawing PF money involves a tedious process of filing a withdrawal application, submitting it to the EPFO, and waiting for approval, which can take several days or even weeks. With the new system, employees will be able to withdraw their PF funds as easily as using an ATM. The process will be entirely digital, and employees will receive their PF money directly in their bank accounts.
The EPFO 3.0 upgrade is expected to bring several benefits to employees, including faster and more convenient withdrawal of PF funds. The new system will also reduce the dependency on physical paperwork and eliminate the need for employees to visit EPFO offices. This will not only save employees’ time but also reduce the workload on EPFO offices.
In addition to UPI-based PF withdrawal, a special PF ATM card is also in the pipeline. This card will allow employees to withdraw their PF money from any ATM, just like a regular debit card. The PF ATM card will be linked to the employee’s PF account, and they will be able to withdraw their PF money using their card details.
The PF ATM card will provide employees with greater flexibility and convenience when it comes to withdrawing their PF money. They will be able to withdraw money from any ATM, at any time, without having to carry large amounts of cash. The card will also be linked to the employee’s bank account, allowing them to track their PF transactions and balance online.
The EPFO 3.0 upgrade is a significant step towards modernizing the PF system in India. The new system will provide employees with greater convenience and flexibility when it comes to managing their PF accounts. It will also reduce the workload on EPFO offices and improve the overall efficiency of the PF withdrawal process.
The PF withdrawal process via UPI and PF ATM card will be a game-changer for employees, especially for those who are looking for a convenient and hassle-free way to manage their PF accounts. With the new system, employees will be able to withdraw their PF money quickly and easily, without having to worry about long approvals and paperwork.
In conclusion, the upcoming EPFO 3.0 upgrade is set to revolutionize the way employees withdraw their PF money. With the new system, employees will be able to withdraw their PF funds instantly via UPI apps and use a special PF ATM card to withdraw money from any ATM. This development is expected to simplify the process of PF withdrawal and provide employees with greater convenience and flexibility when it comes to managing their PF accounts.
Source:
https://ascendants.in/business-stories/withdraw-pf-money-phonepe-google-pay-paytm-bhim/
