EPFO to Launch New App with UPI Based PF Withdrawals by March End

Satisfying news for the employees. As per the recent reports, EPFO is set to launch a UPI based app for the withdrawal. It could be launched by the end of March.

The new EPFO app, which will be distinct from the UMANG app, will be connected to the subscriber’s bank account. Additionally, it will be connected to the BHIM app and other UPI apps.

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According to a reputable source, PTI reports that in April of this year, users of the EPFO, the retirement fund agency, will be able to utilize its newly developed mobile application to withdraw their employees’ provident fund (EPF) directly into their bank accounts via the UPI payment channel. According to PTI’s source, the labour ministry is developing a plan to freeze a specific portion of the EPF and make a significant portion accessible for withdrawal via their bank account using Unified Payment Interface (UPI).

The PTI reported that the Employees’ Provident Fund Organisation will introduce a new mobile phone app through which members will be able to access additional services like passbook balance and withdraw their EPF funds through the UPI gateway.

The regulations stipulate that a subscriber must maintain at least 25% of their EPF balance in their account. In other words, members are now permitted to withdraw up to 75% of their EPF corpus while maintaining the required minimum balance.