EPF subscribers will be able to withdraw their PF funds through UPI bank transfers. The new service will launch its operations in April 2023.
UPI-Based Withdrawal Facility
The Labour Department is developing a new EPFO mobile application to support this feature. The application allows users to transfer their main EPF balance to their bank accounts using UPI. The existing regulations state that users must keep a specific amount of their balance because it cannot be withdrawn.
Features of the New EPFO App
The new mobile application will provide multiple services which include:
- PF withdrawal through UPI
- Access to EPF passbook and balance details
- Information on the amount eligible for bank transfer
Subscribers completed their transactions by using their linked UPI PIN. The system establishes secure direct fund transfers through its operational design.
Testing and Launch Timeline
The EPFO system is currently being tested with 100 dummy accounts. The trials seek to enhance service quality while eliminating technical problems. The Labour Department plans to launch the new EPFO application in April this year.
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