The personnel's Provident Fund agency (EPFO) is running on a new feature to be able to permit its participants to withdraw their PF cash via UPI.
Soon, EPF subscribers will be capable of getting their funds directly into their financial institution's money owed using apps like Paytm, google Pay, and PhonePe.
As in keeping with reports, the EPFO withdrawal facility via UPI is probable to be carried out by May additionally or june this year. Withdrawing PF cash becomes faster and smoother with UPI integration, thereby benefitting countless EPFO participants.
STEPS TO WITHDRAW PF MONEY THROUGH UPI
As of now, the choice to withdraw PF through UPI isn't available. Extra information may be to be had once EPFO releases an authentic reply concerning this.
Right here, it's far mentioned that upon its launch, EPFO individuals may be capable of withdrawing their finances effortlessly using their preferred UPI app.
NECESSITY OF KYC
To withdraw your PF cash, it's critical to finish the Know Your customer (KYC) method on your EPF account, which includes linking your Aadhaar, PAN, and financial institution account information.
Advantages of UPI Integration for EPF Withdrawal
With EPF withdrawal through UPI, the claim method may just be finished inside hours or even minutes, which in any other case takes 2-3 days.
Just as UPI payments have simplified transactions, the creation of this option will simplify the technique for EPFO individuals to withdraw their financial savings effectively.
Further, UPI withdrawals may reduce claim rejections and enhance transparency, thereby ensuring a smoother procedure.