PF via UPI? EPFO developing app for instant bank transfers
What's the story
The Employees' Provident Fund Organization (EPFO) is working on a new facility to allow its subscribers to withdraw their provident fund (PF) money in real time through the Unified Payments Interface (UPI). The proposed system would directly transfer the withdrawn amount into the subscriber's bank account, making access to PF funds much easier and quicker than before.
App launch
New mobile app for PF withdrawal
The EPFO is also planning to launch a new mobile application for this purpose. The app will show the eligible PF balance that can be transferred to linked bank accounts. Subscribers will have to select a valid reason for withdrawal, such as illness or education, and use their linked UPI PIN for secure fund transfer.
Quick transfers
Instant settlement of funds
The entire transfer process will be done through the UPI payment gateway, ensuring instant settlement of funds. Currently, EPFO members have to apply for withdrawal claims, a process that can take three to four days for the money to get transferred. The new system is likely to be launched in April and would greatly benefit lakhs of EPF subscribers this year.
Extra features
Other services to be provided on new app
Along with UPI withdrawals, the new EPFO app will also provide other services like passbook balance. Currently, subscribers use either the Universal Account Number (UAN) portal or the UMANG app to access their EPF accounts and avail of their services. A person familiar with the matter told PTI that these services would continue on both platforms while improving accessibility for subscribers.