PF Withdrawal New Rule: Now you will not have to worry much to withdraw money from PF account. Actually, the government is planning to make EPF withdrawal easier. Soon EPFO subscribers will be able to withdraw their PF money directly through UPI and ATM.
PF Withdrawal New Rule: There is a good news for the members of crores of EPFO members. Now they will not have to worry much to withdraw money from PF account. Actually, the government is planning to make EPF withdrawal easier. Soon EPFO subscribers will be able to withdraw money from their PF account directly through UPI and ATM.
According to the report, the Employees Provident Fund Organization (EPFO) has prepared the blue print of this scheme and talks are going on with the National Payments Corporation of India (NPCI) to implement this facility. The report states that if everything goes as per plan, this facility can go live on the UPI platform in the next 2-3 months.
PF withdrawal process will be fast and easy
After UPI integration, EPFO members will be able to receive their claimed amount directly in their digital wallet, making the withdrawal process fast and easy. Let us tell you that the executive committee of the Central Board of Trustees (CBT) of EPFO has approved the retirement fund body’s plan to integrate itself with the United Payment Interface (UPI).
According to official sources, the committee was informed about the framework in a meeting held earlier this week through which subscribers will be able to withdraw their provident fund money through UPI platforms. On Friday, the CBT (Central Board of Trustees) of EPFO may also approve such a framework.
According to a report in Financial Express, an official said, by the end of April or early May, this facility will start. The National Payment Corporation of India (NPCI) is examining the technical aspects, but is ready to execute the plan.
Benefits of EPF withdrawal through UPI?
With the facility of UPI for PF withdrawal, it will be very easy for people to withdraw their money. They will be able to access their savings immediately. This facility will be very convenient for members living in remote areas.
The EPF withdrawal process, which is currently completed in about 7 days, can be completed in a few hours or minutes after the UPI integration facility is implemented.
Another advantage of this facility will be that the chances of claim rejection will be reduced and there will be more transparency in the transaction.
However, no official announcement has been made by EPFO regarding this facility yet. Further information will be available only when EPFO issues a formal notification on this.
EPFO will also be able to withdraw PF money through ATM
Apart from this, under the EPFO 3.0 program, EPFO will also provide ATM withdrawal facility for its members. After the introduction of this facility, it will be possible to withdraw PF amount immediately without any long process. EPFO ATM will be a new facility, with the help of which EPFO subscribers will be able to withdraw their provident fund (PF) directly from the ATM. The aim of EPFO 3.0 is to enhance the user experience, provide easy access to your savings and reduce paperwork.
How will EPFO ATM work?
EPFO ATM card will work just like a debit card. To withdraw money, you have to first link your UAN, verify OTP and then withdraw cash. Through this facility, you will be able to withdraw your PF money without waiting for the approval of the employer.
Important things related to EPF withdrawal
If you want to withdraw money from your EPF account, then you should know that it has some terms and limits. Withdrawal can be done only in certain cases, such as PF money can be withdrawn in case of medical emergency, to buy a house, to repay the loan or for wedding expenses. Let us understand this in detail:
- Medical Emergency: If money is needed for the treatment of self, spouse, parents or children, then any EPF member is allowed to withdraw money. In this, you can withdraw an amount equal to your contribution and interest or 6 times your monthly salary, whichever is less.
- To Buy or Build a New House: If you have worked for at least 5 years, then you can withdraw up to 90% of your EPF balance.
- For Home Renovation: After 5 years of building a house, you can withdraw up to 12 times your monthly salary to meet the expenses of repair or renovation.
- To Repay Home Loan: If you have completed at least 3 years of service, then up to 90% of the EPF balance can be used to repay the home loan.
For Wedding Expenses: If you have completed 7 years of service, you can withdraw up to 50% of your EPF contribution and interest for your marriage, siblings’ or children’s marriage.
To withdraw money from EPF, one should know about all the conditions and necessary documents in advance so that there is no problem later. EPF money is for improving your retired life, so it should be withdrawn only when absolutely necessary. Use your future savings wisely.
Most Read Articles:
- 7th Pay Commission: Big shock to central employees! DA Hike postponed, now when will it be announced, know the latest update
- Gratuity Rule Changed: Big news! These government employees will not get gratuity of Rs 25 lakh, know the new rules
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
