Employees’ Provident Fund Organisation is preparing to introduce withdrawals through the Unified Payments Interface. This new facility will allow members to move their provident fund money directly into their bank accounts. Testing of the system has been completed and the service is expected to launch shortly.
Currently, EPF members need to file claims that take time to process. Under the auto settlement mode, claims up to five lakh rupees are cleared electronically within three days. These withdrawals are usually made for medical treatment, education, marriage or housing needs. The upcoming UPI option will reduce delays and paperwork, giving subscribers faster access to their savings.
The process will be simple. First, members will check their eligible balance in the linked bank account. Second, they will authorise the transfer using their UPI PIN. Finally, the money will be credited directly and can be used for digital payments or withdrawn from ATMs.
More than seven crore EPFO members are expected to benefit from this change. The organisation is also working on WhatsApp based communication to provide quicker support. Members will be able to message EPFO’s verified number to access services.
This move reflects EPFO’s effort to modernise its systems and provide user friendly digital services for millions of subscribers across India.
