EPFO to Launch New Mobile App for Hassle-Free PF Withdrawals
Introduction of a New Mobile App by EPFO
The Employees' Provident Fund Organization (EPFO) is preparing to unveil a significant update for its vast subscriber base. A new mobile application is on the verge of being launched, aimed at simplifying the process of withdrawing Provident Fund (PF) money. A standout feature of this app will be the capability to transfer funds directly to a bank account using UPI, which is anticipated to streamline the current lengthy procedures and reduce waiting times. Testing for this feature has already been completed, and a rollout is expected soon.
Simplifying PF Withdrawals with UPI Integration
**PF Withdrawals to Become Easier and Faster via UPI**
The forthcoming EPFO mobile app aims to digitize and simplify the PF withdrawal experience for users. It will be directly connected to users' bank accounts and will work in conjunction with various UPI applications, including BHIM. This integration will allow users to transfer funds from their EPF account to their bank account and then withdraw them effortlessly using UPI. Currently, the only method for PF withdrawals is through an online portal, which can be cumbersome and time-consuming. The new system promises to complete the entire process in just minutes, providing significant relief to countless employees.
Withdrawal Limits and Regulations
**Withdraw Up to 75% of Funds: Know the Rules**
With this new feature, EPFO subscribers will have the option to withdraw up to 75% of their PF balance. However, regulations stipulate that at least 25% of the total amount must remain in the account. This means that complete withdrawal of the balance in one go will not be permitted. In cases where an individual loses their job, the remaining 25% can be accessed after a waiting period of 12 months. Officials have indicated that this rule is in place to maintain the fund's security and stability. Currently, EPFO oversees a corpus of around ₹26 lakh crore, serving millions of subscribers, making such regulations crucial.
Continued Use of UMANG App for Claims
**Claims Can Still Be Filed via the UMANG App**
Until the new EPFO app is fully operational, users can still process PF withdrawals through the UMANG app. Although the UPI feature is not yet available on this platform, users can file claims using traditional methods, which remain straightforward. To submit a withdrawal application, users need to register on the EPFO portal and utilize the UMANG app, allowing them to complete the process directly from their mobile devices without needing to log in on a computer. This mobile-friendly option will continue to be beneficial for users until the new app is launched.
Conclusion
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