EPF withdrawal to become easy? Soon, you can take out money via UPI; Know about proposal, benefits

EPF Withdrawal: The government is considering introducing the Employees Provident Fund (EPF) claims settlement option via the United Payment Interface (UPI) to ease the fund withdrawal process.

EPF withdrawal is daunting for employees, who often fail to get their savings due to claim rejections. According to the EPF annual report released in 2024, one in every three EPF final settlement claims was rejected in 2023.

The introduction of an EPF withdrawal facility via UPI or even ATM cards will ensure faster and easier access to savings. But when will the facility be available? What are its key benefits? Here are all the details about EPF withdrawal via UPI and ATM cards.

EPF withdrawal via UPI: How do you avail yourself of the facility?

EPF members could withdraw their savings via UPI platforms like GPay, PhonePe, and Paytm. As per a report by Financial Express, EPFO is in talks with the National Payment Corporation of India (NPCI) to introduce the new feature.

Labour Secretary Sumita Dawra told ANI earlier that as part of the government's EPFO 3.0 initiative, EPF members will be able to access their contributions through ATMs. EPFO subscribers can also withdraw their provident funds directly from ATMs.

EPF withdrawal via UPI: When will it be implemented?

EPF withdrawal via UPI will be implemented by May or June this year. Similarly, the government is reportedly planning to roll out EPFO 3.0 at the same time. Union Minister Mansukh Mandaviya said in January that a new mobile application for an ATM card will be launched for EPFO subscribers by June 2025.

EPF withdrawal via UPI: What are its benefits?

Like UPI payments, which have eased the payment process for people, EPF withdrawal via UPI will provide easy access to EPFO members' savings.

It will also reduce the duration of the EPF claim from 2-3 days to hours or even minutes. The current EPF withdrawal process requires 2-3 days.

EPF withdrawal via UPI will also eliminate the chances of claim rejections and even enhance transaction transparency.

So far, there has been no official confirmation about EPFO's UPI withdrawal facility, and further details will become clear only after EPFO issues an official notification.

EPF withdrawal: What is the current process to make online claim?

EPF withdrawal via UPI or ATM is yet to be rolled out for EPFO members. With no clear timeline for the implementation of the features, EPFO members willing to claim their savings now can follow the process mentioned below:

-Visit the EPFO portal and login by using your UAN and password. Make sure that your UAN is activated twenty-four hours before you log in.

-Click the Online Services tab, and select the Online Services tab from the dropdown menu.

-Enter bank details and click verify.

-Select the type of withdrawal you want.

-Submit your application using the PF Advance form. Form 19 is for PF Final Settlement, and Form 31 is for PF Part Withdrawal.

-Provide required documents for verification. Ensure you have provided details of the bank account linked to your UAN.