Know How to Withdraw EPF Money through UPI
Millions of EPFO consumers are expected to benefit from this new function
Know How to withdraw EPF money – withdraw EPF money – EPF money – EPF money through UPI – UPI – withdraw EPF – Taxscan
Know How to withdraw EPF money – withdraw EPF money – EPF money – EPF money through UPI – UPI – withdraw EPF – Taxscan
Soon, the Employees Provident Fund Organization (EPFO) will introduce a new function to its members. UPI will soon be an option for EPF members to withdraw their money. From the convenience of your home, you can use applications like Paytm, Google Pay, PhonePe, and others to deposit your PF amount straight to your bank account.
Millions of EPFO consumers are expected to benefit from this new function. According to reports, EPFO's UPI integration might be released within the next two to three months. This feature will make it easier and faster to withdraw your PF balance.
Read More: GST Registration Mandatory for IRP Liquidator Conducting Sales for Liquidating Company: AAR
Become PF & ESIC Pro: Basic to Advance Course - Enroll Today
Steps to Withdraw PF through UPI
- First, download apps like Paytm, PhonePe, or Google Pay on your phone and link your bank account.
- When the feature goes live, look for the ‘EPFO Withdrawal’ option in the app.
- You’ll need to enter your UAN number, and you can choose to withdraw either the full amount or a partial amount based on EPFO rules for situations like medical emergencies, home loan repayments, or education costs.
- These are the 6 banks where you can find the best possible return on fixed deposits, with interest rates up to 8%
- Next, input the amount you wish to withdraw and follow the prompts. An OTP will be sent to your registered phone number; just enter it to confirm the transaction. After that, your PF funds will be transferred to your bank account or digital wallet.
Completing the KYC for your PF account is crucial. You must complete your KYC before you can withdraw your PF funds. This entails supplying your bank account information, PAN, and Aadhaar. To find out if your KYC is complete, you can check online. Simply sign into your PF account. For additional information, visit epfindia.gov.in, the official EPFO website.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
