EPFO members may soon be able to withdraw provident fund savings through UPI
NEW DELHI: The much-awaited UPI withdrawal facility for nearly 30 crore Employees Provident Fund Organisation (EPFO) members is set to make its debut by the first week of July. The instantaneous advance withdrawal facility via the BHIM (Bharat Interface for Money) app will allow members to submit an advance claim under any “permissible category” to dip into their provident fund (PF) corpus and meet any exigency.Currently, an online advance claim in auto-mode under Rs 5 lakhs still takes at least 3 working days to settle, with more time needed to settle bigger amounts.Subscribers may be able to instantly withdraw up to 75% of their EPF balance, on the lines of the reforms done in the withdrawal process last year. Separately, the finance ministry has approved the 8.25% interest rate for nearly seven crore active members for financial year 2025-26, recommended by the Central Board of Trustees. The interest amount is expected to be credited to subscribers’ accounts later this month.
